Loan Rates to be Reduced for 150,000 Pensioners

On February 23, the Georgian government announced that the loan rates will be reduced for more than 150,000 pensioners who received loans at higher rates before 2023. These rates will be adjusted to the rates set in 2023.

This decision was reached following the consultations held at the government administration, involving Prime Minister Irakli Kobakhidze, Acting President of the National Bank of Georgia Natia Turnava, and the General Director of “Liberty Bank” Beka Gogichaishvili.

According to Turnava, pension loans, including overdraft loans, taken out before 2023 are “loans with a particularly high interest rate… on average over 30% rates”, which will be reduced. She also added that the NBG will work with “Liberty Bank” on the implementation of this decision, on the details such as the starting date, the specific procedures for reducing the loans, etc.

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