EU countries (41.4 percent) and Russia (20.4 percent) are the main sources of remittances. As for the EU countries, Italy and Greece have a high share of total remittances.
The December 2020 economic review of the National Bank (NBG) reveals.
According to the NBG, the number of funds transferred to Georgia in December 2020 increased by 15.9 percent compared to the previous year and amounted to 199.7 million US dollars, while the number of funds transferred from Georgia decreased by 3.4 percent to 24.7 million US dollars.
According to the NBG, remittances from Azerbaijan (160.1 percent) and Ukraine (95.2 percent) increased at a high rate during the reporting month, contributing to the change of total transfers by 2.1 and 2.7 percentage points.
Remittances from Turkey also increased, while a decrease was observed from Russia.
Remittances from EU countries increased by 26.9 percent in the reporting month, caused by the increased remittances from Italy (33.4 percent), Greece (14.4 percent), and Germany (60.9 percent).
According to the NBG, remittances from Israel (6.7 percent) and the United States (35.1 percent) positively impacted the growth of remittances from other countries.
