The National Bank of Georgia published a report on money transfer statistics for January 2024. In January 2024, the volume of money transfers from abroad constituted 263.4 million USD (704.6 million GEL), which is 40.8% (181.6 million USD) less than the amount in January 2023.
According to the data published by the National Bank, the reduction of remittances is primarily related to the reduction of remittances from the Russian Federation.
96.2% percent of the total money transfers from abroad came from 23 largest partner countries, with the volume of transfers from these countries each exceeding 1 million USD in January 2024. In January 2023 the share of these 23 countries constituted 97.4% percent of the total volume of money transfers.
As for the European Union, USD 100.4 million was transferred, which was 38.1% of the total transfers. The increase compared to the same period last year amounted to 10.4%. While total transfers from other countries decreased by 53.9%.
In January 2024, 25.9 million USD (or 69.2 million GEL) was transferred from Georgia, which is 1.5% less as compared to 26.3 million USD in January 2023.
