According to him, in parallel with the low interest rates in Georgia, the growth rate of mortgages is significantly reduced.

"As of today, we have relatively lower loan interest rates compared to those of Armenia and Azerbaijan. Here we can mean that we still have a high dollarization rate and this is partly due to the lack of interest rates. It should also be noted that numerous studies have been carried out in terms of a margin of fluctuation and it is one of the lowest only in Georgia in relation to the region. This is stipulated by the low risk on the loan portfolio. We have talked about that many times the loan portfolio had been quite strong and stable not only during the pandemic period, but it is the same even today, which proves once again that the financial sector is developing quite stably.

The growth rate of mortgage loans has slowed down significantly this year, and one of the important reasons for this is an increase in the refinancing rate. We hope that the growth rate of the loan portfolio will exceed 10%," - Alexander Dzneladze, President of the Banking Association of Georgia, said.