Amidst the global financial crisis, money transfers to Georgia maintained a comparatively high level, but the volume still decreased by 9,6% in May 2020, the National Bank of Georgia reports.
Statistics Expert Soso Archvadze says the high rate of money transfers concerns Georgian immigrants' return, and the trend will not continue for long.
He says a stable decrease is ahead.
''Many factors affect money transfers. A specific stage has been over for our immigrants, and they have no prospect of employment abroad. As a rule, money transfers are created not only from current incomes but accumulated ones… thus, when cataclysms occur, immigrants face risks, and many people send money,'' he said.
''It is a short-term effect, and when the situation stabilizes, we should expect a stable drop in the money transfers,'' Archvadze adds.
Following the data of the National Bank of Georgia, the money transfers received by Georgia in May 2020 equaled 131.8 mln USD, 9,6% less than the 2019 May rate.
Маri Chitaia
News Author