NBG: Volume of remittances from US and Kazakhstan increased, declined from Russia

18:57, 05.12.2023

The National Bank of Georgia (NBG) reported a 14.1% year-on-year decrease in the volume of funds transferred to Georgia in October, totalling $283.0 million. In contrast, funds transferred from Georgia increased by 0.2% to $31.5 million during the same period.

According to NBG, the decline in remittances from Russia, down by 79% annually to $62 million, contributed significantly to the overall reduction.
However, remittances from the USA continued to boom with a 39.2% increase.

“The funds transferred from the regional countries, such as Kazakhstan, increased significantly by 97.6%. Increased remittances from EU countries, including Italy and Germany, played a substantial role. Despite decreases in certain regions, remittances from Ukraine increased compared to the previous year’s minimum level.

The primary sources of remittances in October were the EU countries (40.3%), Russia (21.8%), and the USA (14.7%). Among the EU countries, Italy, Greece, and Germany had notable shares in total remittances,” NBG reported.

By - Tamar Tabatadze

Economics

NBG

Remittances