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Money transfers from Azerbaijan to Georgia increase

Finance Materials 4 September 2020 12:50
Money transfers from Azerbaijan to Georgia increase

BAKU, Azerbaijan, Sept.4

By Tamilla Mammadova – Trend:

In the last week of August 2020, the volume of remittances from Azerbaijan to Georgia increased by 256 percent on an annual basis, Trend reports with reference to TBC Research Group at Georgian TBC Bank.

In the period from 17 to 23 August, 416 percent more money transfers were sent from Azerbaijan than in the same period last year.

As for the rest of the neighboring countries, a high growth rate of remittances to Georgia over the last week of August was also recorded from Ukraine (327 percent).

The growth rate of cash flows from Russia is still negative. In the period from 17 to 23 August, this indicator decreased by 10 percent, and from August 24-30 - by 21 percent.

The growth rate of remittances from the Middle East (including Turkey) is still positive. From 17 to 23 August, this indicator increased by 13 percent, and from August 24-30 - by 25 percent.

Remittances to Georgia in the period from 24 to 30 August increased by 19 percent in annual terms.

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