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15.Oct .2020 16:30

A Record $193 Million in Remittances to Georgia in September

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In September 2020, the volume of remittances to Georgia amounted to $192.7 million (611.4 million GEL), a record amount of remittances in the country for one month. In annual terms, remittances increased by 28.7%.

According to individual countries, the largest amount - $35 million was transferred from Russia, followed by Italy, from which $ 29 million was transferred to Georgia.

Countries with cash inflows exceeding $ 1 million in September:

  1. Russian Federation - 35.13 million dollars, a decrease from the previous year -3.23%
  2. Italy - 29.21 million dollars, an increase of 38.59% over the previous year
  3. US - $ 22.65 million, an increase of 47.16% over the previous year
  4. Greece - $ 21.45 million, an increase of 34.74% over the previous year
  5. Israel - $ 13.98 million, an increase of 3.17% over the previous year
  6. Ukraine - $ 13.21 million, an increase of 208.89% over the previous year
  7. Turkey - $ 10.61 million, an increase of 29.68% over the previous year
  8. Germany - $ 7.54 million, an increase of 72.27% over the previous year
  9. Azerbaijan -7.43 million dollars, an increase of 270.79% over the previous year
  10. Spain - $ 4.82 million, an increase of 38.51% over the previous year
  11. France - $ 2.98 million, an increase of 28.64% over the previous year
  12. Poland - $ 2.60 million, a decrease of 10.95% over the previous year
  13. Kazakhstan - 1.93 million dollars, a decrease from the previous year -34.10%
  14. United Kingdom - $ 1.90 million, an increase of 26.28% over the previous year
  15. Canada - $ 1.85 million, an increase of 43.81% over the previous year
  16. Cyprus - $ 1.55 million, an increase of 6.96% over the previous year
  17. Ireland - $ 1.51 million, an increase of 73.55% over the previous year
  18. Armenia - $ 1.22 million, a decrease from the previous year -1.94%
  19. Kyrgyzstan - $ 1.04 million, a decrease of -59.84% over the previous year

In September 2020, 25.1 million USD (79.5 million GEL) was sent abroad from Georgia, 22.4% more than in the same period of September 2019 (20.5 million USD).

The increase in remittances is probably because the borders of Georgia are actually closed. If some of the Georgians abroad physically arrived in the country in previous years and therefore brought cash, this year, it is much more difficult to do so. Remittances from countries such as Azerbaijan, Ukraine, Turkey, and others have increased due to this factor.