Georgia receives $115m in remittances in May 2017

Georgia's Finance Minister believes the Lari will further stabilise as the country experiences an increase in tourism and exports. Photo by N. Alavidze/Agenda.ge

Agenda.ge, 15 Jun 2017 - 15:04, Tbilisi,Georgia

Georgia received 24.2 percent more in remittances in May of 2017 than the same time period last year.

The majority of remittances came from Russia, the United States and Greece.

Last month Georgia received $37.8 million in remittances from Russia, $12.1 million from the US and $11.7 million from Greece, reported the National Bank of Georgia (NBG).

Overall Georgia received $115.4 million from abroad in May 2017. The vast majority (92.8 percent) of all money transfers from abroad came from 14 countries.

After Russia, the US and Greece, other countries regularly sending money transfers to Georgia in May 2017 included:

Italy – $11.7 million
Turkey - $10 million
Israel - $9.4 million
Spain - $3.1 million
Germany – $2.8 million
Ukraine - $2.1 million
Azerbaijan - $1.4 million
United Kingdom - $1.4 million
Iraq - $1.3 million
France - $1.2 million
Kazakhstan -$1.1 million

Remittances leaving Georgia totalled $ 18.2 million in May of 2017.