July 2020: money transfers to Georgia up 22.1%
$22.2 million was transferred from Georgia to foreign countries in July 2020, which is a 15.6 per cent increase year-on-year. Photo: Nino Alavidze/Agenda.ge.
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The volume of money transfers to Georgia in July 2020 was $188.7 million, which is a 22.1 per cent increase compared to July 2019, says the National Bank of Georgia (NBG).
More than one-third of money transfers came in from the European Union:
- EU countries - $73.79 million (39.1%)
- Other countries - $114.93 million (60.9%)
The largest countries from which money transfers entered Georgia were the following:
- Russia – $40.4 million
- Italy – $28.04 million
- USA – $22.43 million
- Greece – $20.22 million
- Israel – $14.08
The vast majority (94.6%) of all money transfers from abroad came from 18 countries, with the volume of transfers from these countries each exceeding $1 million last month.
$22.2 million was transferred from Georgia to foreign countries in July 2020, which is a 15.6 per cent increase year-on-year.
Money transfers have increased but the increase is not as rapid as it might seem from the statistics,” sad Governor of the National Bank of Georgia Koba Gvenetadze.
He noted that before the pandemic, the share of money transfers (about 8 per cent) entered Georgia through non-banking channels, such as visitors.
Due to the limitation of international travel, this part of remittances has moved to the banking channels and, as a result, has also contributed to this increase in remittances,” said Gvenetadze.
He also said that the accumulated sums people could not send during the pandemic were sent in June-July and as a result increased the amount of remittances sharply.
Georgia received $137.3 million from abroad in February 2020, which is 9.5 per cent more than the amount in February 2019, says the National Bank of Georgia.
The volume of money transfers to Georgia in June 2020 was $169.2 million, which is a 17.8 per cent increase compared to June 2019, says the the National Bank of Georgia (NBG).
Georgia received $131.8 million from abroad in May 2020, which is 9.6 per cent less than the amount in May 2019, says the National Bank of Georgia (NBG). The vast majority (92.8%) of all money transfers from abroad came from 14 countries, with the volume of transfers from these countries each exceeding $1 million last month.
Georgia received $79.1 million from abroad in April 2020, which is 42.3 per cent less than the amount in April 2019, says the National Bank of Georgia (NBG).
The volume of money transfers to Georgia in August 2020 was $184.2 million, which is a 25.8 per cent increase compared to August 2019, says the National Bank of Georgia (NBG).
Georgia received $192.7 million from abroad in September 2020, which is 28.7 per cent more than the amount in September 2019, says the National Bank of Georgia (NBG). Russia, Italy and the United States were the largest remittance senders in Georgia in September 2020. Georgia received $35.13 million from Russia, $29.21 million from Italy and $22.65 million from the United States.
Georgia received $181.7 million from abroad in October 2019, which is 18.6% more than the amount in October 2018, says the National Bank of Georgia.
Georgia received $199.7 million from abroad in December 2020, which is 15.9 per cent more than the amount in December 2019, says the National Bank of Georgia.
Georgia received $149.8 million from abroad in January 2021, which is 19.2% more than the amount in January 2020, says the National Bank of Georgia.