In March, the total value of remittances received by Georgia increased by 9.8% year-on-year, reaching USD 320.6 million. Meanwhile, the amount of funds transferred from Georgia grew by 14.5%, amounting to USD 36.7 million, the National Bank reports.

According to the National Bank of Georgia (NBG), the main catalyst for this growth was remittances from the European Union, which increased by 10.7% year-on-year. Remittances from the United States maintained their upward trajectory, rising by 10.9%. Furthermore, remittances from Israel rose significantly by 25.2% annually, contributing 1.9 percentage points to the overall increase.

In March, the primary sources of remittances were the European Union countries, which contributed 45.4% of the total, followed by the United States at 19.0%, and Russia at 11.9%. Notably, among EU countries, Italy’s share was 17.2%, Germany 8.8%, and Greece 8.4%, the National Bank of Georgia stated.