Roman Gotsiridze: Strange things are happening in the banking system. Commercial banks no longer want the National Bank's money; the amount borrowed by commercial banks from the National Bank has fallen to around GEL 300 million, which is an anomalous development
Strange things are happening in Georgia's banking system. Commercial banks no longer want the National Bank's money - the National Bank should explain this development, opposition politician Roman Gotsiridze wrote on social media.
According to Gotsiridze, commercial banks had borrowed GEL 4.2 billion from the National Bank as of December 31, but that figure has now fallen to around GEL 300 million, which he described as an anomalous development.
"The volume of so-called refinancing loans has decreased thirteenfold over the past six months. While commercial banks had borrowed GEL 4.2 billion from the National Bank as of December 31 last year, that figure has now fallen to around GEL 300 million.
When such a seemingly anomalous situation occurs, the National Bank should provide an explanation.
There are many reasons behind this development, which, in turn, point to other ongoing processes that extend beyond the financial sphere," Gotsiridze wrote.
