NBG: Volume of remittances to Georgia decreased in August

In August, the volume of money transfers to Georgia decreased by 8.2% year-on-year to $295.2 million, while the volume of funds transferred from Georgia fell by 5.8% to $33.6 million, the National Bank of Georgia (NBG) said in its report.

According to the NBG, remittances from Russia were the primary contributor to the decline, falling by 87.7% year-on-year. Remittances from Israel continued to grow, rising by 24.9%. Remittances from the European Union went up by 3.9% year-on-year, while those from the USA rose by 8.2%.

“In August, the primary sources of remittances were EU countries (accounting for a 50.8% share), the USA (21.7%), and Israel (9.5%). Russia’s share of remittances fell to 1.7%. Among EU countries, Italy (18.7%), Germany (10.6%), and Greece (9.6%) contributed,” reads the report.