Loan dollarization rose to 41.12% in August from 40.85% in July, up 0.27 percentage points and reversing most of the fall from 41.34% in June. Both sides of the loan book contributed: foreign-currency loans outstanding increased to 31,502.1 million GEL from 31,232.1 million, while the lari book fell to 45,109.6 million from 45,223.2 million — its only monthly decline in the three months shown.
Overall lending has close to stalled. Nominal loan growth was 0.20% in August, after 0.67% in July and 1.75% in June. For July, growth excluding the exchange-rate effect is estimated at 0.96%, 0.29 percentage points above the nominal reading; that estimate revalues only against the USD/GEL rate, so it is a proxy for a loan book that is not exclusively dollar-denominated, not a full currency-weighted adjustment.
Against the annual series — 45.20% in 2023, 43.40% in 2024 and 42.40% in 2025 — August still sits below last year's level.
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 filesLOAN_DOLLARIZATION_ALoan dollarization (banking sector) National Bank of Georgia — downloaded filesLOAN_DOLLARIZATION_STOCK_MLoan dollarization, monthly stock Computed from other indicators’ stored observations