Russia: Georgia’s Largest Source of Remittances

Russia is the largest source of remittances for Georgia, ahead of Italy and Greece. The three countries are home to the largest Georgian diasporas, who send money home to their families in Georgia on a monthly basis. 

$45m (USD), or 32.5% of total remmitances, was transferred to Georgia from Russia in December of last year. In comparison, the combined amount of transfers received from Italy and Greece was just over $30m, with an Italian contribution of $15.4 million and a Greek of $15.1m . Next on the list are the United States ($13.1), Israel ($12.4m), and Turkey ($10m). 

In December 2017, the total amount of remittances received by Georgia amounted to $138.4m, a 16.3% increase compared to December 2016, according to the National Bank of Georgia. 

Similarly, in the same period money transfers abroad totalled $19.8m, a $1.6m increase from the previous year

By Máté Földi