Money Transfers to Georgia from EU Exceed Transfers from Russia

In January-June 2018, the volume of money transfers from European Union countries exceeded transfers from Russia by $41 million, which, according to Forbes Georgia, is a historic result, as Russia had always been the main source of remittances to Georgia.

According to the National Bank of Georgia (NBG), $214 million was transferred from Russia to Georgia in the first six months of the year, while from EU countries, the amount of money transfered reached $255 million.

The most amount of money transfered to Georgia in January-July 2018, came from the following EU countries:

Italy - $89 million

Greece - $81 million

Germany - $20 million

Spain - $ 9 million

In June 2018 alone, the volume of money transfers in Georgia increased by 14.8% compared to the previous year, amounting to $135.1 million.

“The main source of money transfered to Georgia in June was the EU (34%) and Russia (29%),” the NBG report reads.

The volume of money transfers from Georgia increased by 0.5% in June and amounted to $17.9 million.

By Thea Morrison

Related stories:

Export from Georgia to EU Exceeds Export to Russia by $164m

Money Transfers in Georgia up in May


01 August 2018 13:00