Money transfers to Georgia up 169.4% in May
Last month, remittances leaving Georgia totalled $28.7 million, as compared to $22.9 million in May 2021. Photo: Nino Alavidze/Agenda.ge
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Georgia received $505.7 million from abroad in May 2022, which is 169.4 percent more than the amount in May 2021, says the National Bank of Georgia.
Russia ($313.90 million), Italy ($36.82 million) and the United States ($27.78 million) were the largest remittance senders in Mat 2022.
Image: NBG
Overall, the vast majority (98.1 percent) of all money transfers from abroad came from 23 countries.
Last month, remittances leaving Georgia totalled $28.7 million, as compared to $22.9 million in May 2021.
Inflation in the Georgian economy will remain close to the target in the middle of 2023 “if there are no shocks,” Archil Mestvirishvili, the Vice President of the National Bank of Georgia, said on Monday at a meeting of the Sector Economy and Economic Policy Committee in Parliament.
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.
Commercial banks in Georgia loaned ₾43.15 billion ($15bln/€14bln) and received deposits of ₾37.23 billion ($13bln/€12bln) in April 2022, the latest data from the National Bank of Georgia shows.
The National Bank of Georgia is keeping the refinancing rate unchanged at 11 percent following a meeting of its Monetary Policy Committee on Wednesday.
Commercial banks in Georgia loaned ₾43.12 billion ($14.67bln/€13.86bln) and received deposits of ₾37.15 billion ($12.64bln/€11.94bln) in April 2022, the latest data from the National Bank of Georgia shows.
Georgia is maintaining “strong” economic growth rates in 2022, Economy Minister Levan Davitashvili said on Thursday after announcing the latest Gross Domestic Product data that said the economy had grown by 11.6 percent in May and 11.2 percent in the first five months of 2022 year-on-year.
Georgia received $427.4 million from abroad in June 2022, which is 111.7 percent more than the amount in June 2021, says the National Bank of Georgia.