The National Bank of Georgia reduced the share of deposits of Russian citizens in foreign currencies that banks cannot issue on demand. In this respect reported Regulator’s National Stability Committee.
According to the report, banks are now required to hold about 40% of Russians’ liquid asset deposits and other non-residents’ deposits. Previously, this share was 80 percent.
According to the Central Bank, after the introduction of the 80% exit rate, the volume of Russians’ deposits stabilized and their share in total bank deposits decreased.
As of February 16, 2024, the total deposits of Russians in Georgian banks amounted to 3.5 billion lari (about 1.32 billion dollars). Thus, banks were able to use approximately 1.4 billion lari of these funds more easily.
Russians and Belarusians at the end of 2022 started Close accounts at Bank of Georgia without explanation.
India before to create A way to pay for Russian Sokol oil.