Money transfers to Georgia decline in January due to reductions from Russia

In January 2024, the total amount of money transferred to Georgia experienced a decline, marking a 40.8 percent decrease compared to the same period last year, according to the latest data released by the National Bank of Georgia.

The decrease in remittance volumes is primarily attributed to reductions from Russia, although Russia still maintains its position as the primary source of funds flowing into the country through this channel.

In January, a total of 263.4 million US dollars (704.6 million GEL) were transferred to Georgia, with nearly 26% (67.64 million dollars) originating from Russia – a reduction of almost 75% compared to January 2023.

Italy, the USA, Greece, and Israel comprise the rest of the top five countries in terms of the volume of money transferred to Georgia.During the first month of 2024, 25.9 million US dollars (69.2 million GEL) were sent from Georgia to other countries, representing a marginal decrease of 1.5 percent compared to the same period last year.