Largest share of remittances come from Russia, Greece and Italy
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Russia, Greece and Italy top the 12 big donor countries in terms of volume of money transfers to Georgia.
Despite a reduction in transfers from Russia, this country still remained the leader in terms of remittances, latest figures revealed.
Last month $37 million USD was transferred from Russia to Georgia, taking up 40.6 percent of all money transfers. Russia was followed by Greece with $13.3 million in money transfers and Italy with $8.2 million in money transfers.
Today the National Bank of Georgia (NBG) published data of money transfers in April 2015, which showed the country experienced 24.4 percent less money transfers last month than the amount in April 2014.
NBG noted the sum of money transfers from abroad constituted $91.1 million (205.7 million GEL), which was $29.4 million (66.4 million GEL) less than the sum of money transfers in the same period of 2014.
Just over 92 percent of the total money transfers from abroad came from 12 big donor countries, with the sum of transfers from these countries each exceeding $1 million in April 2015.
In April 2014 the share of these 12 countries constituted 93.4 percent of the total amount of money transferred to Georgia, noted NBG.
Besides Russia, Greece and Italy, another big donor countries of Georgia in April 2015 were the United States ($8.1 million), Turkey ($5.7 million), Israel ($2.4 million), Spain ($2 million), Germany ($1.9 million), Ukraine ($1.7 million), Azerbaijan ($1.3 million), Kazakhstan ($1.3 million) and the United Kingdom ($1.1 million).
In April 2015, $14.5 million (or 32.8 million GEL) was transferred from Georgia, as compared to $13.2 million (or 23.2 million GEL) in April 2014.
- Figures are in USD.
In February 2015 more than $82 million USD was transferred from abroad, says the National Bank of Georgia (NBG).
In January 2015 the volume of money transfers from abroad comprised $75.5 million USD (146.5 million GEL), but this was almost 25 percent lower than the same time in 2014, says the National Bank of Georgia (NBG).
In December 2014, the volume of money transferred from abroad constituted $116.1 million USD (218.8 million GEL), which was 25 percent ($38.5 million USD or 72.5 million GEL) less than the amount in December 2013
The national currency of Georgia, the Lari (GEL), is continuing to strengthen against the US dollar and the Euro after falling dramatically about seven months ago.
Latest trends of deposits made in Georgian banks show the total volume of non-bank deposits, time deposits and demand deposits are growing in Georgia.
Georgia’s economy could possibly be impacted by the Greek crisis as Georgian diaspora, one of the main donors to the country’s economy, are facing immense challenges to send money back to their home country.
Despite the ongoing financial crisis in Greece the country is still among the top donor countries in terms of volume of money transfers to Georgia, lagging only behind Russia.
The sum of money transfers coming into Georgia in July 2015 was 31.8 percent less year-on-year (y/y).
Georgia is experiencing less financial inflow from abroad. The sum of money transfers coming into Georgia in September 2015 was 32.9 percent less year-on-year (y/y), official figures reveal.
The sum of money transfers coming into Georgia in October 2015 was 27.4 percent less year-on-year (y/y), official figures reveal.
The sum of money transfers coming into Georgia in November 2015 was 18.3 percent less year-on-year (y/y), official figures reveal.
The sum of money transfers coming into Georgia in January 2016 was 11.8 percent less year-on-year (y/y), official figures reveal.
Russia, Italy and Greece top the 12 big donor countries from where Georgia receives the largest amount of remittances.
The sum of money transfers coming into Georgia in March 2016 was 1.3 percent less year-on-year (y/y), official figures reveal.
Georgia receives $94.8m from 12 donor countries
Georgia is receiving more money from abroad, shows latest figures from the National Bank of Georgia (NBG).