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.
