2018-09-12
The enforced limit for credits in GEL will increase from 100,000 to 200,000 GEL, and this regulation will apply to leasing as well. The relevant amendment will be discussed at today's Government meeting.
As the Prime Minister stated at the briefing before the meeting, the new initiative will further cement Georgia's macroeconomic positions.
According to the head of Government, larization (de-dollarization of Georgian currency) plays a vital role in the macroeconomic policy. Consequently, to ensure unified approaches to credit financial products and to ensure protection of customers, the Government believes it prudent to apply this policy to leasing as well.
"The proposed bill involves regulatory amendments to increase the 100,000 GEL limit to 200,000 GEL. In addition, while the currently enforced redaction applies the restriction only to physical entities acquiring the volume of leasing and to the issuance of bank loans to physical entities, after the adoption of the amendments, said policy will also apply to legal entities and organizations defined by Georgian legislation as non-legal entities, meaning so-called partnerships. This will enable us to protect from the risks identified in 2016-2017. Larization is an important part of creating a stable macroeconomic policy and ensuring development. We believe that this initiative will further cement our macroeconomic positions. Our task is to minimize Georgia's vulnerability to external risks, and this step is a very decisive decision on this path," the Prime Minister said.
Prime Minister's Press Office