Starting from May 1, 2024, the minimum amount for foreign currency credit available to customers with income in GEL will increase to GEL 400,000. Such a statement was released today by the National Bank of Georgia [NBG].

This decision follows the previous increase in foreign currency lending limit from GEL 200,000 to 300,000 in January 2024. The limit will be increased by an additional GEL 100,000 in May.

The NBG highlights that raising the limit aims to promote lending in the national currency, thus reducing currency risks for borrowers. This adjustment is part of a long-term de-dollarization plan and is facilitated by the favourable macroeconomic and macro-financial environment.

The NBG has also announced that the next session of the Financial Stability Committee will take place on May 29, 2024.