NBG: Volume of remittances from US increased by 37.6% in August

16:44, 04.10.2023

In August, compared to the same period the previous year, the volume of funds transferred to Georgia decreased by 14.1%, totalling 287.0 million USD, the National Bank of Georgia (NBG) reported.

According to NBG, the money transfers from Russia decreased by 46% annually in August. However, funds transferred from Kazakhstan increased significantly by 54.9%. Remittances from Kyrgyzstan and Azerbaijan decreased by 63.9% and 20.2%, from Turkey slightly decreased, while remittances from Ukraine increased compared to the previous year.

The volume of Remittances from the USA continued to grow at a high rate, increasing by 37.6%. In August, the main sources of remittances were EU countries, Russia, and the USA, with notable shares from Italy, Greece, and Germany among EU nations.

By - Tamar Tabatadze

Economics

NBG

Remittances