Central bank: remittances from US, Kazakhstan have increased at “high rate”, decreased by 79% from Russia
Last month, remittances leaving Georgia totalled $31.5 million, as compared to $31.4 million in October 2022. Photo: Nino Alavidze/Agenda.ge
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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.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Tuesday said access to diverse investment resources and innovative financial products could benefit the domestic private sector, in an event organised by the Financial Innovation Programme of the United States Agency for International Development.
Georgian Economy Minister Levan Davitashvili on Monday said the country maintained an “advanced position” in the wider region for its economic growth rate, and credited the outcome with the Government’s “prudent” macroeconomic policy.
Prices of certain food products and non-alcoholic beverages, furnishings, household equipment and maintenance, as well as healthcare decreased month-on-month across Georgia in November, the National Statistics Office said on Monday.
The National Bank of Georgia on Wednesday said the consumer price index across the country increased in September by 0.6 percent compared to the previous month, while the annual inflation rate amounted to 0.7 percent, adding that total inflation would remain “significantly lower” than the three percent target rate in October.
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.
Georgian Economy Minister Levan Davitashvili on Tuesday said there were “no preconditions” for an increase in the commercial gas tariff causing a rise in bread prices across the country.
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.
Remittances to Georgia increased from the United States and European Union member countries in January and went down by 75 percent from Russia, the National Bank of Georgia said in its latest update of the figures.