February 2022: money transfers to Georgia up 13.7%
During the month, $26.7 million was transferred abroad, which is 27.5 percent more compared to $21 million in February 2021. Photo: Nino Alavidze/Agenda.ge
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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.
The largest remittance senders were in Italy ($32.96 million), Russia ($21.94 million) and the United States ($21.10 million), the data also showed.
Image: NBG
Overall, a vast majority - 93.1 percent - of all money transfers came from 19 countries, with the volume of transfers from these states each exceeding $1 million in February.
In February 2021 the share of these 19 countries constituted 94.6 percent of the total volume of money transfers,” the NBG said.
During the month, $26.7 million was transferred abroad, which is 27.5 percent more compared to $21 million in February 2021.
The National Bank of Georgia (NBG) offered 50 million USD at the foreign exchange auction on Wednesday of which 39.5 million USD was sold, the bank announced yesterday. In the first foreign exchange intervention this year, the NBG made the sale with an average weighted rate of 3.3947.
Macroeconomic parameters in Georgia are “very healthy and stable” and depreciation of the Georgian lari exchange rate is mainly caused by “emotional factors,” Georgian Economy Minister Levan Davitashvili said on Tuesday.
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 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 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.
Average monthly earnings in Georgia increased by 149.1 GEL ($46.5/€42) in the fourth quarter of 2021, a 11.3 percent increase compared to the same period of the previous year, and amounted to 1,463.8 GEL ($456.5/€412.7), data from the National Statistics Office of Georgia (Geostat) show.
Commercial banks in Georgia loaned 43.25 billion GEL ($13bln/€12bln) and received deposits of 37.63 billion GEL ($11bln/€10bln) in February 2022, the National Bank of Georgia (NBG) announced on Friday.
The total turnover of currency exchange units totalled 6.4 billion GEL ($2.046bln/€1.860bln) in Georgia last year, of which 51.8 percent was in dollars and 14.7 percent in euros, the National Statistics Office of Georgia (Geostat) announced on Tuesday.
The Georgian economic growth is expected to slow to 3.5 percent in 2022 due to ongoing hostilities in Ukraine, after the “promising double-digit growth” last year, a new report of the Asian Development Bank (ADB) reads.
The Georgian economic growth is expected to slow to 2.5 percent in 2022 due to ongoing hostilities in Ukraine, the World Bank’s Europe and Central Asia Economic Update said.