NBG: Russians keep about $1 billion in Georgian banks

As of the end of 2022, Russians who moved to Georgia for permanent residence kept $969,400,000 in deposits in Georgian commercial banks.

According to the rules in force in the republic, National Bank of Georgia (NBG) publishes an annual report on the matter. Thus, the National Bank did not specify how the dynamics have changed since the beginning of 2023.

“Last year 62,000 Russian citizens immigrated to Georgia. If in December 2021, Russian citizens kept $220,410,598 in Georgian banks in December 2022 this figure increased to $969,400,000 an annual increase of 327 per cent,” the report says.

At the same time, Russian citizens outstripped all other foreigners in terms of the total volume of deposits. They account for 37 per cent of the total cash deposits ($6.55 billion) owned by citizens of foreign countries. In second place were the Israelis (8 per cent, or $524 million), and the top three were closed by Ukrainian citizens (6 per cent, or $393 million), the National Bank concluded.