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5.1.3 Capital flows
Remittances to Georgia up 10.2% y/y in February
The volume of money transfers from abroad to Georgia in February amounted to $125.5mn (GEL332.9mn), equivalent to 10.2% more than was recorded for the same month last year.
Strong wage remittances and rising revenues from tourism are helping to combat the country’s wide current account deficit. It stood at 8% of GDP last year and may stay at that level in 2019, according to IMF projections.
The biggest remittance sums came from Russia ($31.62mn), Italy ($17.44mn) and Greece ($14.16mn), official data showed.
The vast majority (92%) of all money transfers from abroad derived from 15 countries.
5.1.4 Gross international reserves
Gross international reserves in Georgia amounted to USD3,478.58mn in March 2019, up from USD3,289.82mn in December last year, according to the National Bank of Georgia. Of which, foreign currency reserves made up the majority at USD3,277.18mn in March.
23 GEORGIA Country Report July 2019 www.intellinews.com