According to TBC Capital weekly economic review, remittances from Azerbaijan to Georgia were highest in the week of October 5-11.
Remittances from Azerbaijan to Georgia increased by 165 percent in a week and by 153 percent from September 28 to October 4.
From Armenia, remittances went up by 4 percent in the week of October 5-11, while a downward trend (a 6 percent decline) was noticed from September 28 to October 4.
Remittance inflows from Ukraine and North America are continuing to trend upwards, while from Russia, they have kept a downward trend since the beginning of 2020.
Georgia experienced a drop in remittance from the Middle East countries, including Turkey, from October 5 to October 11.
Growth in remittances has been noticed from the UK and EU if compared to the previous week.
A total of $ 7,43 million was transferred from Azerbaijan to Georgia in September of 2020, with this being 3.85% of total remittance inflows from Azerbaijan. Georgia received $ 1,22 mln from Armenia in September, with this amounting to 0.63% of total remittances.
Experts think that the current Azerbaijan-Armenia conflict over the disputed Nagorno-Karabakh will deal a blow to the region's economy, and the longer the conflict lasts, the graver will be its consequences.
Tensions rose at the Azerbaijan-Armenia border on September 27, and they have remained high so far. Attacks and casualties have been reported.
The conflict erupted between the two countries first on July 12 and lasted for around ten days.
