Money Transfers to Georgia Increase by 24.8% in November

Georgia saw increased money transfers by 24.8% last month compared to the same period of 2016.

In November, the volume of money transfers from abroad constituted $122.1 million (GEL 326.3 million), which is $24.3 million more compared with the same period last year.

The official information was released by the National Bank of Georgia (NBG), which said that 92.3% of the total money transfers from abroad came from the 14 largest donor countries, with the volume of transfers from of these countries each exceeding $1 million in November 2017.

In November 2016, the share of the same 14 countries constituted 92.2% of the total volume of money transfers.

The highest volume of money transfers in November 2017 from European countries to Georgia came from Italy ($12.9 million), followed by Greece ($12.5m), Germany ($3.3 m), Spain ($3.2 m), the UK ($1.6 m) and France ($1.4m).

As for non-EU countries, Russia is leading with money transfers ($39.1m), followed by the USA ($11.6m), Israel ($11.5m), Turkey ($9.5m), Ukraine ($2.5m), Azerbaijan ($1.6m), Kazakhstan ($1.1 m) and Canada ($1.0m).

In November 2017, $19.9 million (GEL 53.1 million) was transferred from Georgia, as compared to $17.1 million (GEL 42.3 million) in November 2016.

Thea Morrison