In June, Russia, which has been leading for many years in terms of money transfers to Georgia, surpassed Italy and again came out on top.

Money transfers to Georgian commercial banks using electronic systems in June 2020 increased by 17.8% and amounted to about 169.2 million dollars, according to the website of the National Bank of Georgia.

In June 2020, money transfers from Russia to Georgia were received by 6.4% less than in the same period last year. In June, the volume of money transfers from Russia amounted to about $ 32.6 million – 19.6% of the total volume of money transfers to Georgian commercial banks using electronic transfer systems.

Russia, which lost the championship in money transfers to Georgia to Italy in April, has again returned to the leading position, which it has always held for many years.

During this period, Italy received about 26.8 million dollars – 15.8% of the total amount of money transfers to Georgian commercial banks using electronic transfer systems.

How much currency was sent to Georgia

The volume of money transfers to Georgian commercial banks using electronic systems in the first half of 2020 decreased by 4.6%, compared to the same period last year, and amounted to about 769 million dollars.

Russia is the leader in terms of money transfers to Georgia - the total amount of money transfers from the Russian Federation from January to June was about 146 million dollars – 19% of the total amount of money transfers to Georgian commercial banks using electronic transfer systems. Since the beginning of 2020, money transfers from Russia have been received by 26.6% less than in the same period last year.

Positive trend

President of the National Bank of Georgia Koba Gvenetadze believes that positive trends in the dynamics of money transfers in June will have a positive impact on both economic activity and the exchange rate.

"Positive trends in the dynamics of this indicator are an important and good fact, because it means that the current account deficit will not worsen as much as it seemed at the beginning of the pandemic. This, in turn, means a revival of economic activity and a relatively stronger lari than expected at the beginning of the pandemic, " writes Gvenetadze on the social network Facebook.

The decline in remittances from abroad to Georgia started due to measures taken by various countries in the fight against the COVID-19 pandemic, as a result of which the economic situation worsened in almost all countries.

Remittances declined by 42.3% year-on-year in April, but the rate of decline slowed to 9.6% in may.

How much currency was sent from Georgia

In June, more than $ 21.9 million was transferred abroad from Georgia, which is 25.4% more than in the same period of 2019.

Since the beginning of 2020, about 106.1 million dollars have been transferred abroad from Georgia, which is 2.6% less than in the same period of 2019.

Sputnik-georgia.ru