(Source: Info-Prod Research (Middle East))Total volume of deposits in the country's banking sector (including term deposits and current accounts of non-financial and households sectors, including payable interest) increased by 8.4 percent or 266.5 million GEL compared to the previous month and exceeded 3.4 billion GEL by January 1, 2010. In December, the volume of current accounts of non-financial and households sectors and the volume of term deposits increased by 13.4 and 5.9 percent, respectively. The dollarization ratio of deposits increased by 2.0 percentage points compared to the figure for December 1, 2009 and amounted to 73.4 percent by January 1, 2010. In December the annual average weighted interest rate for all deposits amounted to 9.4 percent, in particular, the interest rate for national currency denominated deposits was 10.7 percent and the interest rate for foreign currency denominated deposits was 9.2 percent. The share of US dollar in the total volume of foreign currency denominated deposits equals to 75.8 percent and the share of Euro equals to 23.3 percent.

Originally published by Info-Prod Strategic Business Information.

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