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Remittance inflows to Georgia increasing

Finance Materials 25 January 2021 16:06
Remittance inflows to Georgia increasing

BAKU, Azerbaijan, Jan. 25

By Tamilla Mammadova – Trend:

Remittances to Georgia in the week of 11-17 January remained nearly the same amount, Trend reports via the to TBC Capital's weekly economic review.

Remittance inflows from Azerbaijan, Ukraine, and the EU have shown the highest growth. Annual cash inflows from Azerbaijan to Georgia increased by 95 percent on 1-17 January and 108 percent in 4-10 January.

The amounts transferred from Russia dropped by 36 percent on 11-17 January and by 41 percent on 4-10 January.

Transferred amounts from Armenia to Georgia went up by 1 percent on January 11-17 and 19 percent on 4-10 January.

Georgia saw a downward trend from the Middle East countries (including Turkey). On 1-17 January, remittance inflows went down by 3 percent, while on 4-10 January, they grew by 1 percent only.

Remittance inflows from the EU states have been stably growing for the last two weeks.

Georgia received $199.7 million from abroad in December 2020, which is 15.9 percent more than the amount in December 2019, said the National Bank of Georgia.

Russia ($40.71 million), Italy ($31.82 million) and the United States ($22.31 million) was the largest remittance senders in December 2020.

Overall, the vast majority (95 percent) of all money transfers from abroad came from 19 countries.

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