Money transfers into Georgia reach $85.2m in November

Higher prices for vegetables contributed to a 0.9% increase in the cost of food and non-alcoholic beverages month-on-month, noted Geostat. Photo by N. Alavidze/, 15 Dec 2015 - 17:59, Tbilisi,Georgia

Georgia is experiencing less financial inflow from abroad.

The sum of money transfers coming into Georgia in November 2015 was 18.3 percent less year-on-year (y/y), official figures reveal.

National Bank of Georgia (NBG) published latest figures about remittances, which showed the sum of money transfers from abroad constituted $85.2 million USD (204.6 million GEL) in November 2015. This was a $19.1 million USD reduction than in November 2014.

NBG said 91.7 percent of all remittances from abroad came from 13 largest donor countries, with the volume of transfers from of these countries each exceeding one million USD in November 2015.

Meanwhile, in November 2014 the share of remittances from these 13 countries constituted 92.2 percent of the total volume of money transfers into Georgia.

Last month, $14.7 million USD (or 35.4 million GEL) was transferred out of Georgia, while $15.7 million USD (or 28.0 million GEL) was sent out of the country in November 2014.