{
  "title": "Georgia: Financial System Stability Assessment",
  "publication": "IMF Staff Country Reports, September 21, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2021/09/17/georgia-financial-system-stability-assessment-465911",
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  "summary": "A recovery from the Covid-19 pandemic now underway in Georgia has benefited from a recent pickup in external demand and substantial fiscal support.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- A recovery from the Covid-19 pandemic now underway in Georgia has benefited from a recent pickup in external demand and substantial fiscal support.\n- Significant exchange rate depreciation, global commodity price increases and supply constraints have contributed to inflationary pressures and provided impetus for the authorities to start tightening monetary policy during 2021.\n- Credit growth slowed during the pandemic but has since picked up again.\n- Household and firm indebtedness is relatively high reflecting rapid credit growth in recent years.\n- Banks face elevated credit risks as they carry high exposure to unhedged borrowers in foreign currency, some of whom are facing debt-servicing difficulties due to the pandemic."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Countercyclical capital buffers; Credit; Financial institutions; Financial regulation and supervision; Financial Sector Assessment Program; Financial sector policy and analysis; Financial sector stability; International organization; Loans; Monetary policy; Money\n- Keywords: Central Asia and the Caucuses; Countercyclical capital buffers; Credit; deposit dollarization; dollarization measure; Financial Sector Assessment Program; Financial sector stability; FSAP finding; FSAP scenario; Global; IMF TA mission; Loans; stress test scenario\n\n---\n\n Content in this bundle\n\n- Georgia: Financial System Stability Assessment; IMF Country Report No. 21/216; September 14, 2021\n  - Georgia: Financial System Stability Assessment; IMF Country Report No. 21/216; September 14, 2021 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Georgia: Financial System Stability Assessment; IMF Country Report No. 21/216; September 14, 2021 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: September 21, 2021",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513598321.002",
    "A recovery from the Covid-19 pandemic now underway in Georgia has benefited from a recent pickup in external demand and substantial fiscal support.",
    "Significant exchange rate depreciation, global commodity price increases and supply constraints have contributed to inflationary pressures and provided impetus for the authorities to start tightening monetary policy during 2021.",
    "Household and firm indebtedness is relatively high reflecting rapid credit growth in recent years.",
    "Banks face elevated credit risks as they carry high exposure to unhedged borrowers in foreign currency, some of whom are facing debt-servicing difficulties due to the pandemic.",
    "Subject: Countercyclical capital buffers; Credit; Financial institutions; Financial regulation and supervision; Financial Sector Assessment Program; Financial sector policy and analysis; Financial sector stability; International organization; Loans; Monetary policy; Money",
    "Keywords: Central Asia and the Caucuses; Countercyclical capital buffers; Credit; deposit dollarization; dollarization measure; Financial Sector Assessment Program; Financial sector stability; FSAP finding; FSAP scenario; Global; IMF TA mission; Loans; stress test scenario",
    "**Georgia: Financial System Stability Assessment; IMF Country Report No. 21/216; September 14, 2021**"
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