Nominal bank loan growth accelerated to 2.35% month on month in September, after 0.20% in August and 0.67% in July.
Both currencies contributed. Bank loans outstanding in foreign currency rose to 32402.3 million GEL from 31502.1 million in August, and the national-currency stock to 46006.1 million from 45109.6 million, reversing a dip from 45223.2 million in July. Loans issued in national currency reached 6083.4 million in September against 5120.3 million in August. Legal entities accounted for 791.6 million of the 900.2 million increase in the foreign-currency stock, while the lari increase came mainly from households, at 679.5 million.
Growth excluding the exchange-rate effect is available only for July, at 0.96% against 0.67% nominal. That estimate revalues the foreign-currency book against the USD/GEL rate alone — a proxy for the whole book, not a full currency-weighted adjustment. September's acceleration therefore cannot be separated from revaluation.
The monetary policy rate stood at 8.00% at the end of 2025, unchanged from end-2024 and below the 9.50% of end-2023.
Figures in this post
Every number below was checked against the source before publication.
BANK_LOANS_GROWTH_FX_ADJUSTED_MOM_MBank loan growth, excluding exchange-rate effect, month over month Computed from other indicators’ stored observationsBANK_LOANS_GROWTH_MOM_MBank loan growth, nominal, month over month Computed from other indicators’ stored observationsBANK_LOANS_STOCK_FC_MBank loans outstanding, foreign currency National Bank of Georgia — downloaded filesBANK_LOANS_STOCK_NC_MBank loans outstanding, national currency National Bank of Georgia — downloaded filesLOANS_ISSUED_VOLUME_MLoans issued, national currency National Bank of Georgia — downloaded filesPOLICY_RATE_AMonetary policy rate, year-end National Bank of Georgia — downloaded files