Central bank: remittances from US, EU increased in November, decreased from Russia
Remittances to Georgia increased from the United States and European Union member countries in November and went down by 76.17 percent from Russia. Photo: Nino Alavidze/Agenda.ge
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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.
The figure from Russia decreased year-on-year to $75.34 million, while remittances from the US continued to grow by 41.62 percent, the Bank said.
Among countries of the EU, remittances from Italy with $42.80 million (+19.75 percent y/y), Germany with $20.34 million (+32.21 percent) and Greece with $20.11 million (+7.82 percent) made “significant” contributions to the total amount, the Bank said.
The body noted money transfers from Kazakhstan had increased “significantly” year-on-year, marking a 71.3 percent rise in November, but went down from Kyrgyzstan by 85.7 percent and Azerbaijan by 17.7 percent.
Transfers from Ukraine increased compared to the “minimum level” of the previous year, the Bank added.
Overall, Georgian citizens received $292.7 million sent from abroad in November, with the figure marking a 43.8 decrease compared to November 2022.
The main sources of remittances were EU countries (38.2 percent), Russia (25.7 percent) and the US (13.9 percent).
The NBG said the annual decrease in remittances was caused by the “base effect” and decrease in the numbers from Russia.
In the same month, remittances leaving Georgia totalled $31.3 million, compared to $31.4 million in November 2022.
The National Bank of Georgia on Monday published an analysis of the current situation and macroeconomic parameters in the country's banking and financial sectors, reviewing inflation, deposits and loans with dollarisation share in the portfolio and foreign sector.
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.
Georgia received $283.9 million remittances from abroad in September, with the figure marking a 26.7 percent decrease compared to the same month in 2022, the National Bank of Georgia said on Monday.
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.
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.