BAKU, Azerbaijan, August 14
By Tamilla Mammadova – Trend:
Growth trend of remittances continues in Georgia, said President of the National Bank of Georgia (NBG) Koba Gvenetadze, Trend reports citing Georgian media.
According to Gvenetadze, annual growth has made up 22.1 percent in July 2020, after the increase of 17.8 percent fixed in June.
"It should be noted that before the pandemic, a certain part of remittances, about 8 percent of bank transfers, was brought to Georgia through non-bank channels by visitors. Due to international travel restrictions, this part of remittances moved to banking channels and, as a result, contributed to this increase. Restrictions in the early stages of the pandemic were likely to apply to remittances, which were eased in the following months. After the restrictions were eased, it also affected remittance growth rates in June-July," he said.
Taking into account these factors, the remittances are improving, but not at the fast pace that can be seen from the statistics, Gvenetadze noted.
The volume of remittances in the country in July 2020 amounted to $188.7 million, which is 22.1 percent more comparing to the same period of July 2019.
---
Follow the author on Twitter: @Mila61979356