May 2020: money transfers to Georgia down 9.6%
Italy, Russia and Greece were the largest remittance senders in Georgia in April 2020. Georgia received $27.59 million from Italy, $19.77 million from Russia and $18.82 million from Greece. Photo: Nino Alavidze/Agenda.ge.
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Georgia received $131.8 million from abroad in May 2020, which is 9.6 per cent less than the amount in May 2019, says the National Bank of Georgia (NBG).
The vast majority (92.8%) of all money transfers from abroad came from 14 countries, with the volume of transfers from these countries each exceeding $1 million last month. The share of these 14 countries constituted 89.9 per cent of the total volume of money transfers.
Italy, Russia and Greece were the largest remittance senders in Georgia in April 2020. Georgia received $27.59 million from Italy, $19.77 million from Russia and $18.82 million from Greece.
After Italy, Russia and Greece, other countries regularly sending money transfers to Georgia in May 2020 included:
- United States – $15.21 million
- Israel – $11.28 million
- Turkey – $7.42 million
- Germany – $5.34 million
- Ukraine – $3.67 million
- Azerbaijan – $3.56 million
- Spain – $3.23 million
- Poland – $2.02 million
- France – $1.86 million
- Canada - $1.39 million
- UK - $1.03 million
In May 2020, remittances leaving Georgia totalled $13.6 million, which is a 33.7 per cent decrease year-on-year.
Georgia received $137.3 million from abroad in February 2020, which is 9.5 per cent more than the amount in February 2019, says the National Bank of Georgia.
The volume of money transfers to Georgia in January 2020 was $125.6 million, which is a 8.6 per cent increase compared to January 2019, announces the National Bank of Georgia.
Georgia received $79.1 million from abroad in April 2020, which is 42.3 per cent less than the amount in April 2019, says the National Bank of Georgia (NBG).
The COVID-19 pandemic and the slump in commodity prices will affect the inflow of remittances to Georgia as some of the key remittances sending countries such as Italy, Russia, the United States, have been strongly impacted, says the World Bank.
The volume of money transfers to Georgia in June 2020 was $169.2 million, which is a 17.8 per cent increase compared to June 2019, says the the National Bank of Georgia (NBG).
The volume of money transfers to Georgia in July 2020 was $188.7 million, which is a 22.1 per cent increase compared to July 2019, says the National Bank of Georgia (NBG).
The volume of money transfers to Georgia in August 2020 was $184.2 million, which is a 25.8 per cent increase compared to August 2019, says the National Bank of Georgia (NBG).
Georgia received $192.7 million from abroad in September 2020, which is 28.7 per cent more than the amount in September 2019, says the National Bank of Georgia (NBG). Russia, Italy and the United States were the largest remittance senders in Georgia in September 2020. Georgia received $35.13 million from Russia, $29.21 million from Italy and $22.65 million from the United States.