International money transfers drops 23% in January, says 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).

The first month of 2015 experienced a 23.3 percent drop in international money transfers, which amounted to $23 million (44.6 million GEL).

The bank said 87 percent of the total money transferred during January came from nine big donor countries where the volume of transfers from these countries exceeded $1.5 million (just over 3 million GEL).

In January 2014 the share of these nine countries made up 89.6 percent of the total volume of money transfers, said NBG.

Meanwhile in January 2015, $12.5 million (24.3 million GEL) was transferred from Georgia, which was roughly the same amount transferred in January 2014.

As for December 2014, the volume of money transferred into Georgia from abroad constituted $116.1 million (218.8 million GEL). This was 25 percent less ($38.5 million or 72.5 million GEL) than the amount transferred in December 2013.

In the meantime, with $46.9 million, the Russian Federation led the list of the top countries from which the largest share of remittances were sent to Georgia.

Just over 91 percent of the total money transferred from abroad came from 11 big donor countries, where the volume of transfers from these countries exceeded $1.5 million in December 2014.

In December 2013 the share of these 11 countries made up 92.7 percent of the total volume of money transfers.