Remittances to Georgia up 63.1% in August
The largest remittance senders in August were in Russia, Italy and the United States. Photo: Nino Alavidze/Agenda.ge
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Remittances to Georgia from abroad hit $334.3 million in August, a 63.1 percent increase on the corresponding figure from the same month of last year, the National Bank of Georgia said on Thursday.
A vast majority - 97.8 percent - of all money transfers came from 25 countries, with the volume of transfers from these states each exceeding $1 million in August.
These countries included Italy, Greece, Germany, Spain, France, Poland, Ireland, Cyprus, the Netherlands, Belgium, Russia, the United States, Israel, Armenia, Kyrgyzstan, Kazakhstan, Turkey, Belarus, Azerbaijan, the United Kingdom, Tajikistan, Uzbekistan, Canada, Saudi Arabia and the United Arab Emirates.
Image: National Bank of Georgia.
In August 2021, the share of the 25 countries constituted 93.0 percent of the total volume of money transfers, the NBG said.
The largest remittance senders were in Russia ($110.94 million), Italy ($36.59 million) and the United States ($29.21 million).
During last month, $29.5 million was transferred abroad, which is 7.6 percent more compared to the $27.4 million in January 2021.
The National Bank of Georgia (NBG) has decided to increase the refinancing rate by 0.5 percentage points to 11 percent on Wednesday at its Monetary Policy Committee (MPC).
The Consumer Price Index in December 2021 grew by 0.3% compared to the previous month, while the annual inflation rate in Georgia stood at 13.9%, the latest inflation data of the National Statistics Office of Georgia (Geostat) show.
The circulation term of Georgian Lari (GEL) banknotes issued in 1995 and 1999 expired on January 1, 2022, the National Bank of Georgia (NBG) reports. Banknotes of all GEL denominations issued since 2002 are legal tender across the country.
Georgia received $387.2 million from abroad in September 2022, which is 84.6% more than the amount in September 2021, the national bank of Georgia said on Monday.
The National Bank of Georgia on Tuesday released a monthly review which said remittances to the country from the United States and Kazakhstan had increased at a “high rate” in October, while the figures from Russia had decreased by 79 percent.
Remittances to Georgia increased from the United States and European Union member countries in November and went down by 76.17 percent from Russia, the National Bank of Georgia said in its latest update of the figures.