Georgia reports drop in money transfers in 5M2024

Economy Materials 18 June 2024 11:01 (UTC +04:00)
Ingilab Mammadov
Ingilab Mammadov
Read more

BAKU, Azerbaijan, June 18. The National Bank of Georgia reported a 31.6-percent decrease in money transfers to Georgian commercial banks from January through May 2024, compared to the same period last year, amounting to $1.3752 billion, Trend reports.

Russia remained the top contributor, sending $280 million during this period, constituting 20.4 percent of all electronic transfers to Georgian banks.

In May 2024, electronic transfers dropped by 27.1 percent year-on-year to $284.3 million. Italy emerged as the leading source of transfers to Georgia for the first time in several years.

From Russia alone, $48.1 million was transferred in May, accounting for 16.9 percent of total electronic transfers to Georgian banks, marking a 69.5-percent decline from the previous year.

During the same month, Georgian transfers abroad totaled $30.1 million, a 3.5-percent decrease from May 2023.

From January through May 2024, transfers from Georgia abroad amounted to $145.6 million, a 1.3-percent increase compared to the same period in 2023.