The National Bank of Georgia published a report on money transfer statistics for October 2023.
In October 2023, the volume of money transfers from abroad constituted 283.0 million USD (761.5 million GEL), which is 43.6% (219.0 million USD) less than the amount in October 2022.
According to the document, 96.8% percent of the total money transfers from abroad came from 26 largest partner countries, with the volume of transfers from these countries each exceeding 1 million USD in October 2023. In October 2022 the share of these 26 countries constituted 97.0% percent of the total volume of money transfers.
The decrease is mainly related to the reduction of money transferes by persons arriving from the Russian Federation. If in October 2022, USD 295 million were transferred from Russia to Georgia, this year this amount stood at USD 61.8 million, which represents a 79% drop.
Instead, remittances from Italy, the USA, Greece, Germany and other countries have increased, from where the remittances are mainly transfers of employed persons who emigrated from Georgia.
TOP 20 Countries By Remittances as of October 2023:
1) Russian Federation - USD 61.8 million, a decrease from the previous year -79%
2) Italy - USD 42.6 million, an increase of 19% compared to the previous year
3) USA - USD 41.7 million, an increase of 39% compared to the previous year
4) Greece - USD 21.2 million, an increase of 11% compared to the previous year
5) Germany - USD 20.2 million, an increase of 31% compared to the previous year
6) Israel - USD 17.2 million, an increase of 4% compared to the previous year
7) Kazakhstan - USD 16.4 million, an increase of 98% compared to the previous year
8) Turkey - USD 8.4 million, a decrease from the previous year -5%
9) Spain - USD 4.8 million, an increase of 12% compared to the previous year
10) Azerbaijan - USD 4.4 million, an increase of 4% compared to the previous year
11) France - USD 4.3 million, an increase of 12% compared to the previous year
12) Ireland - USD 4.3 million, an increase of 70% compared to the previous year
13) United Kingdom - USD 3.9 million, a decrease from the previous year -9%
14) Kyrgyzstan - USD 3.4 million, decrease from the previous year -79%
15) Poland - USD 2.6 million, an increase of 1% compared to the previous year
16) Canada - USD 2.4 million, an increase of 23% compared to the previous year
17) Iraq - USD 2.2 million, an increase of 420% compared to the previous year
18) Cyprus - USD 1.7 million, an increase of 12% compared to the previous year
19) United Arab Emirates - USD 1.6 million, an increase of 11% compared to the previous year
20) Armenia - USD 1.5 million, decrease compared to the previous year -70%
