In February 2021, remittances from the countries of the region increased at the highest rate from Azerbaijan. Cash flows from this country to Georgia increased by 190.9 percent annually and from Ukraine by 78.3 percent, the February review of the National Bank of Georgia (NBG) reveals. According to the NBG, remittances from Turkey also increased, while a decrease was observed from Russia.
Remittances from EU countries increased by 24.0 percent in the reporting month; this happened due to increased remittances from Italy (31.8 percent), Greece (19.9 percent), and Germany (51.2 percent).
Remittances from the US (32.9 percent) and Canada (30.5 percent) positively impacted the growth of remittances from other countries. In terms of distribution by country, the main sources of remittances were EU countries (44.0 percent) and Russia (15.6 percent). Of the EU countries, Italy and Greece have a high share of total remittances.
In February 2021, the number of remittances to Georgia increased by 17.5 percent compared to the previous year and amounted to 161.4 million US dollars, while the amount of remittances from Georgia decreased by 3.4 percent to 21.0 million US dollars.
