17.May .2022 19:00

Money transfers from Azerbaijan to Georgia Slump by 45%

Money transfers from Azerbaijan to Georgia Slump by 45%
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In April 2022, the volume of money transfers from abroad to Georgia constituted 308.1 million USD (944.8 million GEL), which is 58.8% (114.1 million USD) more than the amount in April 2021.

96.2% percent of the total money transfers from abroad came from 20 largest partner countries, with the volume of transfers from these countries each exceeding 1 million USD in April 2022. In April 2021 the share of these 20 countries constituted 91.5% percent of the total volume of money transfers, reads the latest data of the National Bank of Georgia (NBG).

In April 2022, 25.4 million USD (or 77.8 million GEL) was transferred from Georgia, which is 1.5% less as compared to 25.8 million USD in April 2021.

While the majority of the above-mentioned 20 largest partner countries have recorded a growth of transfers, Georgia’s neighboring Azerbaijan has shown a dramatic fall in April. More specifically, the volume of remittances from Azerbaijan to Georgia in April 2022 stood at US$ 4.97 million, which is 45.14% less as compared to April 2021.

Turkey, Canada and Greece have also recorded over 10% drop of volume in April 2022 as compared to April 2021. In particular, 16.36% reduction was from Turkey, the volume reached US$ 8.10 mln; 16.08% fall was from Canada, which summed US$ 1.70 mln, and 14.26% decline was from Greece, which amounted to 18.65 mln in April 2022.