Bank of Georgia further cuts deposit rate

4th Jun 2013 07:45

Bank of Georgia(BGH), the holding company of JSC Bank of Georgia, has announced that the bank has decreased interest rates on its foreign currency, which is predominantly US dollar denominated, and Georgian Lari retail, corporate and wealth management term deposits, in line with the bank's strategy. The company said that interest rates had been reduced by up to 150 basis points on one year US dollar denominated deposits. Irakli Gilauri, Chief Executive Officer of Bank of Georgia, said: "The reduced rates on the US$ denominated deposits make GEL denominated deposits more attractive for our customers."He added: "At the same time, we expect de-dollarisation of the asset side of the balance sheet as we seek to capitalise on the recently introduced GEL lending programme by the National Bank of Georgia (the NBG), which involves a repo transaction with the NBG ultimately providing our clients with floating rate loans denominated in the national currency linked to the NBG's refinancing rate". MF