2022-02-14
The Interagency Commission for Determining the Terms of Banking Services has defined competition terms for selecting a bank designated to issue pensions and pension-backed loans. Today's commission meeting at the Government Administration, chaired by Vice Prime Minister/Minister of Economy and Sustainable Development Levan Davitashvili, decided to select, in the course of a month, a bank to employ new terms for issuing pensions and pension-backed loans.
The commission discussed interest rates on pension-backed loans issued to pensioners. On the commission's decision, 26% is set as the maximal to-date amount for pension-backed loans, with a possible reduction based on stabilizing inflation.
The Vice Prime Minister hopes to see participating banks to engage in fierce competition, a way to ensure the protection of pensioner rights and to pitch terms maximally acceptable to them. The participants of the Interagency Commission's meeting included members of the executive and legislative branches, with representatives of the parliamentary opposition parties among them. The commission's work also engaged the National Bank of Georgia.
The Interagency Commission was established on July 28, based on the instructions of the Head of Government. The commission has worked intensively on studying the system of pensions, various types of state compensations and assistance, also on identifying and analyzing possible gaps in this system, to be subsequently taken into account in developing competition terms.
Press Service of the Government Administration