The National Bank of Georgia strives to improve the accuracy of statistical data on a continuous basis. For this purpose, a unified database of legal entities registered in Georgia was developed to support the financial sector reporting to the NBG. According to the previous system, commercial banks used to assign status to legal entities by their own decision, while the new database suggests an unified classification of legal entities by institutional sectors, economic activities (NACE Rev2) and size.

 

The new database clarifies the breakdown of SME and corporate loans. This change had some impact on the broad money indicators as well, since  the latter include legal entity deposits, except the government sector deposits and interbank deposits. Despite these changes, the aggregate figures of the banking sector loans and deposits stay the same.

 

Together with the financial sector, the National Bank of Georgia is actively working on an updated and accurate classification of its statistical data according to the new database. Thus, a periodic corrections and clarification in the disaggregated statistical data are expected in the near term.