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Bakhtadze - excessive indebtedness was the problem for economy

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BM.GE
14.02.19 00:04
779

“In my opinion, data is a bit raw and it requires detailed analysis, after which we will be able to discuss this issue”, said Prime Minister, Mamuka Bakhadze responding to the question of BMG regarding the influence of new banking regulations.

According to the representatives of construction and trade sector, as well as banking sector, the amount of newly issued loans has significantly fallen. This is due to the new regulations for banking sector. Demand has decreased for mortgage or other types of products, which were purchased before NBG had imposed a new rules for issuing loans. 

Prime Minister stated that Ministry of Economy and National Bank of Georgia are carefully monitoring financial markets. Bakhtadze also added that he thinks new regulations do not hinder issuing of “healthy credits”.

“Statistics that you’ve shown needs detailed economic analysis, which is being done by the specialists of the Ministry of Economy and the National Bank of Georgia. However, we have to agree on one fundamental issue – excessive indebtedness was the problem which could turn into a systemic challenge for our Economy. This problem required urgent and principal steps to be taken, which we did. I definitely do not agree with the idea that fighting excessive indebtedness can cause hindering of healthy credits.

I personally think that when we talk about healthy credits system - and you already know that we have switched to responsible credits system - on the contrary, we should ensure to have as comfortable conditions as possible between credit givers and consumers”, says Bakhtadze.