I was expecting a hike, but not by that much and not so soon. So those 17%'ers now look more like 10% over a single year.
And that is without taking into account the (likely) depreciation of GEL against EUR. I had suspected that from the beginning, so i resisted the temptation to make a currency exchange and buy those 17% Georgian loans.
"The fee amount what Mintos charge for currency exchange are related to fees charged by other service providers with whom Mintos exchange the currencies. We have identified that the fee included by others in the GEL related exchange rate is substantially larger than initially estimated by us. Mintos believes that transparency is important and therefore is committed to provide mid market exchange rate with transparent commission, i.e. not hiding it within the exchange rate. Due to this we have adjusted our provided commission rate to reflect the market situation. Fees could vary also in the future on both directions due to the above stated reasons".
And 1 hour ago:
"Short update - EUR-GEL exchange commission has been decreased to 2%, while GEL-EUR exchage commission remains 3,5% and reflects the best rates we can obtain at the moment. We will also review how to disclose information about the rates to investors to be even more transparent".