National Bank of Georgia: EU nations, U.S., main source of remittances in July

17:13, 04.09.2024

The volume of cash sent to Georgia declined by 1.8% in July compared to the same period last year, to $ 298.1 million, while the volume of funds transferred from Georgia climbed by 17.1% to $33.5 million, the National Bank of Georgia said on Wednesday.

According to the NBG report, the yearly reduction in remittances is caused by both the base impact and a fall in remittances from Russia.

Cash transfers from Russia fell 39% year on year in July, totalling $ 49 million. However, remittances from the United States and Israel continued to climb at a rapid pace, increasing by 24.5% and 22.2%, respectively. Furthermore, remittances from other countries, such as Kyrgyzstan and Azerbaijan, are still increasing (133.8% and 6.8%, respectively).

Remittances from EU nations, particularly Italy and Germany, continue to climb significantly.

In July, the top three sources of remittances were EU nations (43.0%), the United States (16.9%), and Russia (15.3%). Among EU nations, Italy, Greece, and Germany have a significant percentage of overall remittances, the report reads.

By - Marika Kartozia

Economics

National Bank of Georgia

Remittances