Remittances to Georgia slows, figures show

Latest Geostat data revealed the country's estimated real GDP growth rate reached 3.2 percent in Q1 2015, which was a 2.6 percent increase year-on-year. Photo by N. Alavidze/Agenda.ge

Agenda.ge, 14 Aug 2015 - 14:47, Tbilisi,Georgia

Georgia is experiencing less financial inflow from abroad.

The sum of money transfers coming into Georgia in July 2015 was 31.8 percent less year-on-year (y/y).

Today National Bank of Georgia (NBG) published latest figures about remittances. The data revealed the sum of money transfers from abroad constituted $93.4 million USD (210.7 million GEL) in July 2015. This was a $43.5 million USD reduction than in July 2014.

NBG said about 90 percent of all remittances from abroad came from 12 big donor countries, with the volume of transfers from each of these exceeding 1 million USD in July 2015.

In July 2014 the share of these 12 countries constituted 93.2 percent of the total volume of money transfers.

Last month $13.1 million USD (29.6 million GEL) was transferred out of Georgia, while $15.2 million USD (26.7 million GEL) was sent out of the country in July 2014.