According to the statistics of the Central Bank of Armenia, $343 million was transferred from Russia to Armenia in August 2023, which was 5% more compared to the same period of the previous year, and 53% more than the figure of July.
As for transfers in opposite directions, USD 64 million were transferred from Armenia to Russia in August, which was 20% more than in July, and has doubled annually.
In comparison, Russian remittances to Georgia are several times smaller. The amount transferred in August was only USD 60 million, which was a 46% year-on-year decrease. The trend of Russian remittances in Georgia has been noticeable since April, when the transfers first exceeded USD 200 million, while in May it exceeded USD 160 million, and in July it exceeded USD 100 million. The decreasing trend of remittances probably indicates that the Russian migration flow towards Georgia is decreasing.
As a whole, in 8M2023, the funds received from Russia to Georgia through the channel of remittances amounted to USD 1.25 billion, while in the same period of the previous year, the transfers were USD 961 million (of which, the indicators of January and February represent the period of remittances before the war).
