Money Transfers to Georgia up 19.3% in July

The National Bank of Georgia (NBG) reports that GEL 353 million ($144.2 m) was transferred to Georgia in July 2018, which is 19.3% more compared to the same period of 2017.

In 2018 money transfers from EU countries totaled $48.3 million. The number of transfers from EU countries exceeded those from Russia. In July 2018, according to NBG, $43 million was sent from Russia.

The largest amount of money was sent to Georgia from Russia ($43 million), Italy ($16.3 million) and Greece ($15 million).

The NBG reports that 92.8% of the total money transfers from abroad came from Georgia's 16 largest donor countries. In July 2017, the share of these 16 countries constituted 93.8% of the total volume of money transfers. 

In July 2018, $18.9 million (46.3 million GEL) was transferred from Georgia, which is an increase compared to $15.8 million (38 million GEL) in July 2017.

In January-June 2018, the volume of money transfers from European Union countries exceeded transfers from Russia by $41 million. $214 million was transferred from Russia to Georgia in the first six months of the year, while from EU countries the amount of money transferred reached $255 million.

By Thea Morrison

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