Georgian residents receive $278.5mln in remittances in March, 41.49% from EU

Remittances to Georgia from abroad hit $278.5 million in March, with the figure including $115.53 million sent from European Union member countries, the National Bank said on Monday.

Transfers from EU states constituted 41.49 percent of the total volume, the body added, increasing by 10.84 percent in the past month. Recipients also received 36.5 percent, or $160 million, less from senders throughout the world than in March 2023.

Among countries of the bloc, remittances from Italy topped the amounts with $46.67 million (+7.53 percent y/y), followed by Greece with $20.96 million (+7.09 percent) and Germany with $20.15 million (+14.74 percent).

The highest amount of remittances from other countries came from Russia ($53mln), the United States ($44.74mln), Israel ($21.10mln) and Kazakhstan ($11.81mln).

Overall, 96.2 percent of the total money transfers from abroad originated in 24 countries, with the volume of transfers from them each exceeding $1 million in March.

In the same month, remittances leaving Georgia totalled $29.3 million, compared to $30.5 million in March 2023.