Georgia expects decrease in money transfers from Russia, Ukraine

Georgia Materials 1 March 2022 10:03 (UTC +04:00)

BAKU, Azerbaijan, Mar. 1

By Maryana Akhmedova – Trend:

Georgia should expect decrease in remittances from Russia, due to the imposed economic sanctions, the Minister of Economy and Sustainable Development of Georgia Levan Davitashvili said, Trend reports via Georgian media.

According to the minister, the decline in money transfers from Ukraine is also anticipated in connection with the recent events in the country.

The minister also added that the trade turnover between Georgia and these two countries will evidently decrease as well.

Davitashvili noted that Georgia needs to find alternative financing sources. The Government is already in talks with its different financial partners, including the International Monetary Fund , to work on alternative plans in response to the challenges.

Meanwhile, the money transfers from Russia to Georgia in January 2022 amounted to $22.3 million (3-percent decrease year-on-year). The remittances from Ukraine in the reporting period of 2022 amounted to $5.4 million (15-percent decrease year-on-year).

Russia ranked 2 among countries with the largest amount of transferred money into Georgia in January 2022, while Ukraine ranked 9.


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