September 2022: money transfers to Georgia up 84.6%
Russia ($173.94 million), Italy ($36.29 million) and the United States ($28.68 million) were the largest remittance senders last month. Photo: Nino Alavidze/agenda.ge
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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.
Russia ($173.94 million), Italy ($36.29 million) and the United States ($28.68 million) were the largest remittance senders last month.
Image: NBG
Overall, the vast majority (97.5%) of all money transfers from abroad came from 23 countries.
Last month, remittances leaving Georgia totalled $32 million, as compared to $29.2 million in September 2021.
Commercial banks in Georgia loaned ₾43.21 billion ($15.30bln) and received deposits of ₾41.76 billion ($14.78 bln) in August 2022, the latest data from the National Bank of Georgia shows.
The Asian Development Bank projects the Georgian economy to grow seven percent in 2022, "driven by higher export and tourism revenue, a large inflow of money transfers, and strong private consumption", the bank said in a report on Wednesday.
The Georgian economy grew by 7.1 percent in the second quarter of 2022 year-on-year, while the gross domestic product deflator percentage change equalled to 8.2 percent, the latest data from the National Statistics Office of Georgia show.
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.
Commercial banks in Georgia loaned ₾42.94 billion ($15.62bln) and received deposits of ₾42.04 billion ($15.29 bln) in September 2022, the latest data from the National Bank of Georgia shows.
Revolut, a British financial technology company offering banking services, plans to launch a simplified version of the Revolut app for Georgian customers next year to enable money transfers to more than 50 countries using over 30 currencies, the company announced on Thursday.
Commercial banks in Georgia loaned ₾43.65 billion ($16.17bln) and received deposits of ₾42.62 billion ($15.79bln) in November 2022, the latest data from the National Bank of Georgia shows.