Money transfers to Georgia increase by 2.3 times in Jan-March 2023

In January-March 2023, the volume of money transfers from abroad to Georgia amounted to $1,255.5 million, which is 2.3 times higher than in the same period in 2022.

The total amount of $445 million was transferred in January, $372 million in February and $438 million in March, according to Interfax, the National Bank of Georgia informed about it.

Among the countries from which transfers were made, Russia became the leader. According to the regulator, in January-March, $678.5 million was received from Russia, which is 54 per cent of the total volume of money transfers. The top five also includes Italy - $122 million, USA - $95 million, Greece - $55 million, Israel - $52 million.

Lasha Kavtaradze, an expert at the investment company Galt & Taggart, believes that the combined effect of remittances and growth in consumer demand due to tourists and migrants will have a positive impact on the Georgian economy this year as well.

Analysts of the investment company believe that it is unlikely that this year there will be an outflow of migrants from the country. And according to the Ministry of Internal Affairs, there are approximately 120,000 migrants from Russia in Georgia.