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Money transfers from Azerbaijan to Georgia sharply increase

Money transfers from Azerbaijan to Georgia sharply increase
Money transfers from Azerbaijan to Georgia sharply increase

The remittances from Azerbaijan to Georgia have experienced a high rise in June 2020, the National Bank June Report reads.

Following the document, the money transfers from Azerbaijan to Georgia increased by 183% and led to a 2.1% change in the total remittance rate.

As the National Bank of Georgia reports, the amounts transferred from the EU countries also rose in June. The increase equaled 23.9%.

The money transfers jumped by the following from the countries given below:

Italy – 38.8%

Greece – 16.5%

Germany – 62.9%

As for the countries across the region, money transfers increased from Turkey and Ukraine and dropped from Russia.

The share of Azerbaijan equals 2.79% of the total remittances to Georgia.

As the National Bank of Georgia reports, Azerbaijan is the only country with such a high rate of money transfers.

The TBC Research report also highlights the jump of the money transfers from Azerbaijan to Georgia.

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