NBG: EU, U.S. main sources of remittances in Georgia
In November, the volume of remittances transferred to Georgia increased by 11.9% year-on-year, to USD 298.4 million, while the volume of funds transferred from Georgia increased by 10.3%, to USD 36.8 million, reads the report of the National Bank of Georgia (NBG).
According to the NBG, the European Union is the leading contributor to growth, with an annual increase of 14.2%, while remittances from the U.S. increased by 15.5%. Russia’s positive contribution in November amounted to 3.3%.
“The EU and the U.S. are the main sources of remittances in Georgia, with 45.4% and 19.4%, respectively. Russia’s share in remittances is 12.9%. Among the EU countries, Italy leads with the highest share (16.9%), Germany (9.2%) and Greece (8.3%),” reads the report.