In May, the volume of money transfers to Georgia declined by 27.1% compared to the same month last year, totaling 284.3 million US dollars; the volume of money transfers from Georgia decreased by 3.5% to 30.1 million US dollars.
According to the National Bank of Georgia (NBG), the yearly fall is due to the base effect and a drop in transfers from Russia.
“Remittances from Russia fell to 48 million US dollars in May, a 69% yearly decline. Remittances from the United States, however, are still growing at a rapid pace of 22.1%. Additionally, remittances from other nations—like Israel and Azerbaijan, which have experienced increases of 20.3% and 7.7%, respectively—continue to rise.
Remittances from the EU (42.5%), Russia (16.9%), and the US (16.6%) were the top three sources in May. The large percentage of Italy, Greece, and Germany’s total remittances among EU members is noteworthy,” according to the NBG report.
