January 2022: money transfers to Georgia up 12.7%
During the month, $23.3 million was transferred abroad, which is 35.3 percent more compared to $17.2 million in January 2021. Photo: Nino Alavidze/Agenda.ge.
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Remittances to Georgia from abroad hit $168.8 million in January 2022, a 12.7 percent increase on the corresponding figure from January 2021, the National Bank of Georgia (NBG) announced on Tuesday.
The largest remittance senders were in Italy ($33.33 million), Russia ($22.38 million) and the United States ($20.30 million), the data also showed.
Image: NBG.
Overall, a vast majority - 94.6 percent - of all money transfers came from 20 countries, with the volume of transfers from these states each exceeding $1 million in January.
In January 2021 the share of these 20 countries constituted 95.1 percent of the total volume of money transfers,” the NBG said.
During the month, $23.3 million was transferred abroad, which is 35.3 percent more compared to $17.2 million in January 2021.
The Consumer Price Index in Georgia increased by 1.1 percent in January 2022 compared to the previous month, while the annual inflation rate stood at 13.9 percent, the latest inflation data of the National Statistics Office of Georgia (Geostat) shows.
The National Bank of Georgia (NBG) has decided to keep the refinancing rate unchanged at 10.5 percent at a meeting of the Monetary Policy Committee (MPC) earlier today. A “particular concern” for increased inflation was named by the bank in its comments, with the Consumer Price Index growing by 0.3 percent in December 2021 and the annual inflation rate amounting to 13.9 percent in the country.
Georgia has received 229.5 million USD from abroad in December 2021, which is 14.9% more than the amount received in December 2020, the National Bank of Georgia (NBG) reports.
Commercial banks in Georgia loaned 43.03 billion GEL and received deposits of 37.16 billion GEL in December 2021, the National Bank of Georgia (NBG) says. The volume of loans has increased by 1.63 billion GEL (3.93%) in December compared to the same period last year. The number of deposits also increased by 1.42 billion GEL (3.96%) month-on-month.
Commercial banks in Georgia loaned 42.16 billion GEL and received deposits of 36.77 billion GEL in January 2022, the National Bank of Georgia (NBG) says.
Remittances to Georgia from abroad reached $183.4 million in February 2022, marking a 13.7 percent increase compared to the same month of last year, the National Bank of Georgia (NBG) announced on Tuesday.