As President of the National Bank of Georgia, Koba Gvenetadze posted on his Facebook page, the pace of money transfers to Georgia is encouraging.
"The pace of money transfers is encouraging: if in April transfers decreased by 42.3% from an annual point of view, in May the remittances decreased only by 9.6%. Given the negative expectations regarding this indicator at the start of the pandemic, it is excellent news. If this trend continues, then the current account deficit will not be as high as the current basic forecast indicated. It will have a positive impact on both economic activity and the exchange rate," Gvenetadze said in his post.
Notably, following the National Bank of Georgia, in May 2020, the total money transfers to Georgia amounted to 131.8 million USD (421.6 million GEL), which is 9.6% or 13.9 million USD less than for the same period in 2019.
Bela Gelashvili
News Author