According to data provided by the National Bank of Georgia, money transfers entering Georgia in November 2016 were worth a total of $97 million, which is 14.8% higher than last year.
In the period spanning from January - November of 2016, money transfers totalled more than $1 billion, which is 5.5% higher than last year. A majority of the money transfers come to Georgia from immigrants living abroad.
Here are the 10 countries from which Georgia receives most of its remittances:
Russia - 352.9 million USD
USA - 113.5 million USD
Greece - 112.6 million USD
Italy - 108.9 million USD
Turkey 78.7 million USD
Israel - 53.6 million USD
Spain - 27.9 million USD
Germany - 26.9 million USD
Ukraine - 18.3 million USD
UK - 16 million USD
The rise in remittances is connected to the rise in sums being transferred from countries like Turkey, USA, Israel and Greece.
Compared to last year, remittances from Russia have been reduced by 11%, which is connected to the currency crisis in Russia. However, the Russian economy is still the number one supplier of remittances to Georgia.
Remittances from Georgia to foreign countries totalled $175 million, which is 14.8% higher than 2015.
Together with export, tourism and FDI investments, remittances are one of the most important sources for Georgia’s reserves of foreign currencies.