Money Transfers into Georgia Tumble in May

TBILISI – The National Bank of Georgia (NBG) published on Wednesday data that shows money transfers into Georgia amounted to USD 92.9 million (196 million GEL) in May, a significant 4.8 million (10 million GEL) drop from the same period last year.

The NBG said that 89.4 per cent of the money transferred from abroad came from 11 countries. The overwhelming majority of the total amount came from Russia, which transferred USD 31.1 million (66 million GEL) to Georgia in May.

Greece was the second largest transferor of funds to Georgia, having sent USD 10.8 million (23 million GEL) in May. Italy with USD 10.2 million (21.5 million GEL), the United States at USD 9.9 million (21 million GEL), Turkey with USD 7.5 million (16 million GEL) and Israel’s USD 4.5 million (9.5 million GEL) rounded out the top five.

The amount of funds transferred out of Georgia during the same period increased to USD 15.8 million (33 million GEL), compared to USD 13.3 million (28 million GEL) in May 2015.

By Eka Karsaulidze

Edited by Nicholas Waller

Photo: Western Union