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Georgia sees increase in remittances from abroad

Finance Materials 15 July 2021 16:50 (UTC +04:00)
Georgia sees increase in remittances from abroad

BAKU, Azerbaijan, July 15

Tamilla Mammadova – Trend:

Remittances from abroad to Georgia increased by 7.6 percent in June 2021 year-on-year and amounted to $202 million, Trend reports citing the National Bank of Georgia.

According to the results of the first half of 2021, the total volume of transfers amounted to $1.08 billion, which is 40.8 percent more than in the same period in 2020.

In June, Russia ranks first in terms of remittances ($39 million), followed by Italy ($31.7 million), the US ($25 million), Greece ($20 million) and Israel ($15.6 million).

More than $1 million was transferred from countries such as Germany, Turkey, Ukraine, Azerbaijan, Spain, Kazakhstan, France, Poland, Canada, Ireland, Great Britain, Cyprus, Kyrgyzstan and the United Arab Emirates.

The most significant growth was in remittances from countries such as Kazakhstan (193 percent), Kyrgyzstan (66 percent), Ireland (51 percent), Azerbaijan (50 percent), Germany (48 percent), UAE (33 percent) and the United States (25 percent). ).

During the reporting period, 6.7 percent fewer funds were transferred from Georgia to other countries than in the same period of 2020 - $17.2 million. From January through June 2021, $138 million was transferred from Georgia abroad, which is 30 percent more than the same period last year.

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