NBG – Institutions issuing credits are trying to evade requirements of law
The National Bank of Georgia (NBG) reports that the institutions, which are issuing credits are trying to evade requirements of law as per changes activated since January 1, 2019.
Based on the changes, an organization to which more than 20 physical persons have the financial liability and at the same time is issuing credits is obliged to undergo registration at the National Bank. The institution is obligated to issue credits up to 200 thousand GEL only in national currency.
According to NBG, various violations may become the subject of probing by investigative bodies. NBG also says that it continues observing the processes and will apply to additional measures upon necessity.