Russia Leading in Terms of Money Transfers to Georgia

In January-October 2018, the volume of money transfers from foreign countries in Georgia amounted to $1,292,545,200 which is $173.5 million more (15%) compared to the same period of the previous year ($1,119,015,000).

The highest amount of money transferred in January-October 2018 came from Russia, followed by Italy and Greece.

The National Bank of Georgia (NBG) reports that in October 2018, the volume of money transferred from abroad constituted $137.2 million (365.0 million GEL), which is 11.6 % ($14.2 million) more than the amount transferred in October 2017.

In October 2018, 93.4% of the total money transfers from abroad came from the 17 largest donor countries, with the volume of transfers from these countries each exceeding $1 mln in October 2018.

These countries are: Russia ($39.66m), Italy ($16.67m), Greece ($15.34m), US ($14.35m), Israel ($11,39m), Turkey ($7.52m), Germany ($3.78), Spain ($3.44m), Ukraine ($2.65m), Poland ($2.21m), Azerbaijan ($1.86m), France ($1.76m), Kyrgistan ($1.68m), UK ($1.47m), Kazakhstan ($1.42m), Cyprus ($1.27m) and Canada ($1.14m).

In October 2017, the share of these 17 countries constituted 93.5% of the total volume of money transfers.

In October 2018, $21.2 million (GEL 56.4 million) was transferred from Georgia. $18.5 million (46.2 million GEL) was transferred from Georgia abroad in October 2017.

The statistics of money transfers to Georgia in recent years is as follows:

2015 - $ 1,079,952,100

2016 - $ 1,151,236,200

2017 - $ 1,379,462,500

2018 - $ 1,292,545,200 (Jan-Oct)

As for the money transfers from Georgia, the statistics are:

2015 - $ 170,843,800

2016 - $ 194,026,800

2017 - $ 208,678,200

2018 - $ 56.4 million (Jan-Oct)

By Thea Morrison

Image source: NBG