Georgian residents receive $272.3mln remittances, including $105.62mln from EU, in February

Remittances to Georgia from abroad hit $272.3 million in February, of which $105.62 million came from European Union member countries, the National Bank said on Friday.

Transfers from EU states constituted 38.79 percent of the total volume, the body also noted.

Remittances from the EU increased by 15.90 percent in the past month, while recipients received 26.9 percent, or $100 million, less from senders throughout the world than in February 2023.

Among countries of the EU, remittances from Italy with $43.97 million (+13.08 percent y/y), Greece with $18.99 million (+9.28 percent) and Germany with $18.10 million (+23.36 percent) made “significant” contributions to the total amount, the Bank said.

The main source of remittances from other countries came from Russia ($62.20mln), the United States ($41.21mln), Israel ($20.43mln) and Kazakhstan ($10.63mln).

Overall, 96.0 percent of the total money transfers from abroad came from 23 countries, with the volume of transfers from them each exceeding $1 million in February.

In the same month, remittances leaving Georgia totalled $29 million, compared to $27.6 million in February 2023.