The United National Movement opposition party MP, former head of the National Bank of Georgia, Roman Gotsiridze says that foreign remittances hit a historic maximum last year which is 2.3 billion USD.
“The figure stood at 1.7 billion USD in 2019. It means that the stability of the national currency is dependent on the hard work of our emigrants, as well as the incomes of hundreds of families in the country,” Gotsiridze posted on social media.
He says that remittances are two times higher than direct foreign investments.
Gotsiridze says that one of the reasons why the remittances increased last year was that due to suspended flights a vast majority of emigrants have been using banks to send money during the pandemic.