Money transfers to Georgia up 111.7% in June
Russia ($231.44 million), Italy ($35.57 million) and the United States ($27.66 million) were the largest remittance senders in June 2022. Photo: Nino Alavidze/Agenda.ge
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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.
Russia ($231.44 million), Italy ($35.57 million) and the United States ($27.66 million) were the largest remittance senders in June 2022.
Image: NBG
Overall, the vast majority (98 percent) of all money transfers from abroad came from 24 countries.
Last month, remittances leaving Georgia totalled $29.6 million, as compared to $26.5 million in June 2021.
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.
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 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.
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.
Commercial banks in Georgia loaned ₾43.65 billion ($14.85bln) and received deposits of ₾38.27 billion ($13.02bln) in June 2022, the latest data from the National Bank of Georgia shows.
Fitch Ratings, a global financial ratings firm, has affirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating status at a BB level, with a “stable” outlook for the country’s financial developments.
Economic growth in Georgia is observed at a higher than expected level, a process contributing to the stabilisation of the share of the Government debt to the gross domestic product, Prime Minister Irakli Garibashvili said on Monday.
The National Bank of Georgia has decided to keep the refinancing rate unchanged at 11 percent following a meeting of its Monetary Policy Committee on Wednesday.
The Consumer Price Index in Georgia increased by 0.2 percent in July month-on-month, while the annual inflation rate totalled 11.5 percent, the National Statistics Office of Georgia announced on Wednesday.
Georgia received $306 million from abroad in July 2022, which is 46.8 percent more than the amount in July 2021, says the National Bank of Georgia.
Georgian recipients received ₾985.5 million ($372.3 mln) in remittances from abroad in February, marking a 103 percent increase year-on-year, the latest data from the National Bank of Georgia shows.
Georgian recipients received ₾930.6 million ($355.5 mln) in remittances from abroad in June, marking a 16.8% decrease year-on-year, the latest data from the National Bank of Georgia shows.