NBG: EU countries, USA, Israel main sources of remittances in September

In September, the volume of money transfers to Georgia decreased by 10.1% year-on-year, to USD 285.8 million, while the volume of funds transferred from Georgia went down by 3.5%, to USD 38.2 million, reads the report of the National Banl of Georgia (NBG).

According to the NBG, money transfers from Russia were the primary contributor to the decline, decreasing by 80.1% year-on-year. Transfers from the European Union went down by 0.6%, contributing -0.3 percentage points to the overall change. Meanwhile, transfers from the US continued to grow, increasing by 6.2%.

“In September, the primary sources of remittances were EU countries (accounting for 50.2%), the USA (22.2%), and Israel (9.2%). Russia’s share of remittances declined to 2.7%. Among EU countries, Italy (18.9%), Germany (10.7%), and Greece (9.6%) served as main contributors,” the NBG said.