Why Did The Remittances From Russia Increase By 300% In April? - Deputy Finance Minister

02:48 Mon, 27 June

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23.May .2022 18:00

Why Did The Remittances From Russia Increase By 300% In April? - Deputy Finance Minister

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Author:Natia Taktakishvili

Giorgi Kakauridze, the Deputy Minister of Finance explained that the remittances from Russia had increased due to several factors, including the money transferred by Georgians in advance.

Remittances from Russia rose by almost 300% to USD 133 million in April amid unprecedented economic sanctions imposed on Russia.

"There was an unusual increase in April. The volume of remittances from Russia has increased 5 folds compared to the previous one. It will not be permanent and we will not be able to maintain this data. It was of a one-time nature. Maybe some Georgians living in Russia are planning to return to the country and have mobilized some resources for investment here. We cannot talk about it with facts and that is an opinion. There is really no other explanation for such an increase in remittances. It is more like what was supposed to be transferred in the coming months, so there may be a reduction in this direction in the coming months," said Giorgi Kakauridze.

Ministry of Finance Giorgi Kakauridze Deputy Minister