Diaspora Money Transfers Down by USD 360 Million

Money transfers from abroad in 2015, compared to 2014, decreased by USD 360 million, (25%) and amounted USD 1 billion 80 million.

According to eugeorgia.info, the biggest share of transfers (40%), due to the numerous diaspora there, came first and foremost from Russia, where transfers decreased by USD 277 million (39%) last year compared to 2014 amounting to USD 433 million.

It should be noted that, in recent years, the share of remittances from Russia has shown a tendency of decline. In 2014 it accounted for half of all transfers.

Greece is in second place in remittances, from where the Georgian diaspora transferred just USD 118 million, USD 87 million less than 2014, last year due to the financial crisis.

In third place is Italy, from where money transfers reduced by USD 12 million and amounted to USD 109 million.

However, transfers from the US have increased by USD 18 million, amounting to USD 100 million; by USD 4 million from Turkey (USD 69 million); by USD 9 million from Israel (USD 33 million) due to the visa facilitation; and by USD 2 million from Germany (USD 27 million).

Remittances from Spain have decreased by almost USD 2 million (USD 27 million), and by USD 10 million from Ukraine (USD 21 million).

Ana Akhalaia