On June 17 the National Bank of Georgia (NBG) issued refinancing loans worth 71 million GEL to two commercial banks without auction. The loan interest rate made up 7.25 percent.
NBG introduced the mentioned instrument in April 2010 to enable commercial banks to take refinancing loans without auction, if they fail to receive the needed financial resources by auction.
The loan has a fixed interest rate and is calculated by adding 1 percent to the existing monetary policy rate, that is 6.25 percent plus 1 percent.
Like the one-day loan, the out-of-auction refinancing loan is issued under standard simplified procedures of the Bloomberg system.