Georgian residents receive $298mln in remittances in July, 43.05% from EU

Remittances to Georgia from abroad hit $298.1 million in July, with the figure including $128.34 million sent from European Union member countries, the National Bank said on Thursday.

Transfers from EU states constituted 43.05 percent of the total volume, the body added, increasing by 9.34 percent year-on-year in the past month. Recipients also received 1.8 percent, or $5.4 million, less from senders throughout the world than in July 2023.

Among countries of the bloc, remittances from Italy topped the amounts with $48.88 million (+6.58 percent y/y), followed by Germany with $24.70 million (+18.04 percent) and Greece with $23.21 million (+5.84 percent).

The highest amount of remittances from other countries came from the United States ($50.34mln), Russia ($45.47mln), Israel ($21.69mln) and Kazakhstan ($10.51mln).

Overall, 96.5 percent of the total money transfers from abroad originated in 25 countries, with the volume of transfers from them each exceeding $1 million in July.

Last month, remittances leaving Georgia totalled $33.5 million, compared to $28.6 million in July 2023.