Georgia receives $94m in remittances in Feb 2017

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/Agenda.ge.

Agenda.ge, 16 Mar 2017 - 12:04, Tbilisi,Georgia

Georgia received 17.9 percent more in remittances in February 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 $30.3 million in remittances from Russia, $ 10.2 million from the US and $10.1 million from Greece, said the National Bank of Georgia (NBG).

Overall Georgia received $94.1 million from abroad in February 2017. The vast majority (90 percent) of all money transfers from abroad came from 11 countries.

After Russia, the US and Greece, other countries regularly sending money transfers to Georgia in 2016 included:

Italy – $9.9 million
Turkey - $7.6million
Israel - $7.6million
Spain - $2.4 million
Germany – $2.4 million
Ukraine - $1.9 million
Azerbaijan - $1.2 million
United Kingdom - $1 million

Remittances leaving Georgia totalled $14.6 million in February of 2017. This was less than the $15.7 million transferred out in February of 2016, reported the NBG.