According to TBC Capital's economic review, remittance inflows from Azerbaijan have shown a high increase in Georgia in March 2021. Cash inflows from Azerbaijan have grown by 207.6% and 145.2% from Ukraine.
Likewise, Georgia saw an increase in remittances from Turkey, and Russia, as well as the European Union countries: cash inflows from Italy have risen by 76.3%, by 27.3% from Greece, and 70.2% from Germany, with an overall increase from the EU members amounting to 50.9%.
In March 2021, remittance inflows (a total of $188.2 mln) in Georgia saw a 49.5% growth if compared to those of the previous year, while cash outflows from Georgia grew by 21.9% and reached $24.9 mln. In March, the main sources of remittances proved to be the E.U. member countries (41.5%) and Russia (17%).
Remittance inflows from Azerbaijan to Georgia have shown a triple growth (18.6 mln transferred in remittances) in the first quarter of the current year if compared to the first quarter of 2020.
January and March cash inflows from Georgia to Azerbaijan totaled USD 3.8 mln, which is $0.2 mln more than those of the previous year.
