Remittances $831.9m in Jan-Sept 2016

Money transfers from abroad to Georgia increased by 3.6% year-on-year to USD 831.98 million in the first nine months of 2016, according to figures released by the National Bank of Georgia on Thursday.

There was 13% y/y increase in remittances in September to USD 100.1 million, after 25.3% and 10.3% increase in August and July, respectively.

Money transfers from Russia, the largest source of remittances for Georgia, were down by 12.3% y/y to USD 282.88 million in January-September, 2016.

Remittances stood at USD 92.89 million from Greece in the first nine months, 1.5% increase compared to same period of last year.
 
There was a 25.6% y/y increase in money transfers to Georgia from the United States in the first nine months of this year, reaching USD 91.63 million, followed by Italy – USD 88.8 million (11% y/y increase); Turkey – USD 61.89 million (15.7% y/y increase); Israel – USD 42 million (83% y/y increase); Germany – USD 21.96 million (15.5% y/y increase); Spain – USD 22.86 million (16.1% y/y increase).

Remittances stood at USD 1.08 billion in 2015, a 25% decline compared to year earlier.

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