Central bank: remittances from US, Kazakhstan have increased at “high rate”, decreased by 79% from Russia

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.

The figure from Russia decreased year-on-year to $62 million, while remittances from the US continued to grow by 39.2 percent and from Kazakhstan by 97.6 percent, the report said.

Among the countries of the European Union, Italy with $42.57 million, Greece with $21.22 million and Germany with $20.24 million made “significant” contributions to the amount of total remittances, the report said.

Overall, Georgian citizens received $283 million in money sent from abroad in October, with the figure marking a 43.6 decrease compared to October 2022.

The NBG said the annual decrease in remittances was caused by the “base effect” and the decrease in remittances from Russia.

Last month, remittances leaving Georgia totalled $31.5 million, as compared to $31.4 million in October 2022.