Money transfers to Georgia up 58.8% in April
During April, $25.4 million was transferred from Georgia abroad, posting a 1.5 percent decrease compared to $25.8 million in April 2021. Photo: Nino Alavidze/Agenda.ge
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Remittances to Georgia from abroad equalled $308.1 million in April, marking a 58.8 percent increase compared to the same period of last year, the National Bank of Georgia revealed on Monday.
The largest remittance senders were from Russia with $132.98 million, Italy with $33.4 million, and the United States with $25.02 million, the NBG also announced.
Image: NBG
Overall, a vast majority - 96.2 percent - of all money transfers came from 20 countries, with the volume of transfers from these states each exceeding $1 million in the month.
The data of the Bank also showed the share of these 20 countries constituted 91.5 percent of the total volume of money transfers in the reported period.
During April, $25.4 million was transferred from Georgia abroad, posting a 1.5 percent decrease compared to $25.8 million in April 2021.
The National Bank of Georgia is keeping the refinancing rate unchanged at 11 percent following a meeting of its Monetary Policy Committee on Wednesday.
The Consumer Price Index in Georgia grew by 1.8 percent in April 2022 month-on-month, while the annual inflation rate totalled 12.8 percent, the National Statistics Office of Georgia announced on Tuesday.
The need for the central banks’ “vigilance” and monetary authorities’ “strong reaction” to a prolonged high inflation were the subjects raised by Koba Gvenetadze, the Head of the National Bank of Georgia, at a conference organised by the Columbia University, the Bank announced on Tuesday.
Remittances to Georgia from abroad totalled $193.1 million in March 2022, posting a 2.6 percent increase year-on-year, the National Bank of Georgia revealed on Friday.
The estimated real Gross Domestic Product of Georgia grew by 2.6 percent in April 2022 year-on-year, while the average real GDP increased by 10.8 percent between January-April, the latest data from the National Statistics Office of Georgia show.
TBC Capital, a Georgian brokerage, advisory and investment bank, on Monday forecast an eight percent growth for the country’s economy in the ongoing year.