The total volume of deposits (GEL 47 million) of commercial banks increased in May and June as much as in the first four months of the current year (GEL 49 million). In particular, over the last two months the total volume of deposits increased due to expanding the deposits in GEL and the latter made GEL 38 million. Enacting the law on “Amnesty and Non-declared Tax Obligations and Property Legalization” has evidently encouraged the increase in the deposit volume of commercial banks in May and June”, stated Mr. Roman Gotsiridze, the President of the National Bank of Georgia, at the briefing on the progress of the activities in declaration and legalization of the concealed property (income) provided for in the Law of Georgia “On Amnesty and Non-declared Tax Obligations and  Property Legalization”.   Under the present Law a person subjected to declaration and legalization of the concealed property (income) is authorized  to transfer the funds to commercial banks of Georgia on  term or  savings deposit in national or foreign currency by  depositing  cash or  transferring  the funds from abroad  from May 1 to  August 1 of the current year.   According to Mr. Roman Gotsiridze, the President of the National Bank of Georgia, “There are only ten days left for legalization of money through banks and this opportunity should be taken. In this case of legalization property is not taxed with 1% duty. In the future no one could ask a person to name the source of his/her investments and acquisitions anymore if he/she places the money on deposit within three months envisaged in the law”.   Within six months of 2005 the volume of deposits in commercial banks of Georgia increased by GEL 96 million (10.7 %) compared to the beginning of the year and amounted to GEL 991.9 million. Deposits denominated in foreign currency increased by USD 42.7 million (11, 7 %) since the beginning of the year and reached USD 407.6 million. Since the beginning of the year the volume of deposits in national currency increased by GEL 23. 1 million (10 %) and amounted to GEL 253 million.   Within six months of 2005 deposits in national currency basically increased due to the increase in balances on current accounts and term deposits of private persons. A large share of the increase (GEL 14. 1 million) comes from the current accounts (this kind of deposits totaled GEL 216.7 million). Compared to  June  of 2004  deposits in national currency are increased by 2, including term deposits which are increased by 2,4 in GEL. This tendency proves that the trust in Lari gradually increases and the national currency becomes more attractive for savers. 77.4 % of deposits in national currency belongs to private persons. Deposits denominated in foreign currency increased by USD 42.7 million (11.7%) since the beginning of the year and amounted to USD 407.6 million.   Contrary to deposits in Lari 70.4% of this kind of deposits belongs to private persons. It should be noted that increase in foreign currency deposits was caused with excessive increase of private deposits. Therefore, since the beginning of the year term deposits in foreign currency were expanded (USD 50.4 million). Expansion of term deposits in national and foreign currencies proves that the public trust in the national banking system is growing. December -04