Currently, misinformation has spread regarding the loan granted to the Gudauta oil depot of the state-owned company “Abkhaztop”. On the media inquiries received by the Bank of Abkhazia, we report the following.
In accordance with art. 35 of the Law of the Republic of Abkhazia “On the National Bank of the Republic of Abkhazia (Bank of Abkhazia)”, one of the main instruments of the monetary policy of the Bank of Abkhazia is the refinancing of credit organizations (granting loans to commercial banks).
The Bank of Abkhazia, pursuing a monetary policy, on the basis of requests from commercial banks of the Republic of Abkhazia, regularly develops refinancing loans for them to develop and strengthen the country's banking system.
Refinancing loans provided by the Bank of Abkhazia should be used by commercial banks exclusively for subsequent lending to their customers - legal entities and individual entrepreneurs. However, these funds cannot be provided to individuals in the form of loans.
In October 2015, CB “Sukhum-Bank” applied to the Bank of Abkhazia with a request for a refinancing loan for further lending to its client - the Gudauta oil depot of the state-owned company Abkhaztop.
On October 26, 2015, the Bank of Abkhazia and CB “Sukhum Bank” entered into an agreement on interbank loan (refinancing loan) No. 125 / r-15 in the amount of 40 million rubles for a period until November 28, 2017. In accordance with the approved schedule, CB “Sukhum-Bank” repaid the loan on a monthly basis.
By November 2017, CB “Sukhum-Bank” had fulfilled its obligations to the Bank of Abkhazia to return 40 million rubles. Besides, the Bank of Abkhazia received interest income in the amount of 7 164 036 rubles.