Dynamics of money transfers to Georgia for six months: Russia leads by a huge margin

TBILISI, July 17 - News-Georgia. In the first half of 2022, Georgia received a record amount of money transfers — $1.78 billion, the National Bank said.

The largest sums since the beginning of the year, $750 million, were transferred to Georgia from the Russian Federation. This amount is 306 million more than last year.

The explosive growth in revenues from Russia began in April, as tens of thousands of Russians moved to Georgia after the Kremlin launched a war in Ukraine. Prior to this, the main source of remittances from Russia were Georgian migrants and relatives of those living in Georgia.

Until April, the volume of money transfers from Russia showed a negative trend and did not exceed $30 million.

In general, according to the results of the first half of the year, the second position after Russia is occupied by Italy, from which 208 million dollars were received, an increase of 15%. But for half a year, this is less than transfers from Russia for one month in May or June.

The US is in third position with $147 million, while Greece is in fourth with $109 million.

The huge influx of foreign exchange into the country caused a rapid strengthening of the Georgian lari currency - from 3.4 lari / $ 1 in early March to 2.85 / $ 1 as of mid-July.