Page 31 - GEORptSep21

5.1.3 Capital flows
Money transfers to Georgia in July up 10.4% y/y
Money transfers to Georgian commercial banks via electronic systems in July increased by 10.4% y/y and amounted to $208.4mn, according to the National Bank of Georgia.
Money transfers in June were up by 19.3% y/y.
The largest single source of transfers by value in July was Russia. During this period, $40.1mn was transferred from Russia – 19.3% of the total volume of money transfers to Georgian commercial banks using electronic systems. July remittances from Russia constituted 0.7% less than in the same period last year.
The volume of money transfers to Georgian commercial banks using electronic systems in the first seven months increased by 34.9% y/y and amounted to $1,291.4.
Over the first six months, Russia was the leader in terms of the volume of remittances to Georgia. The total volume from Russia in January-June amounted to $224.8 – 17.4% of the total volume. The remittances from Russia were up 20.7% y/y.
Also in July, $26.7mn was transferred from Georgia to abroad, marking a 19.9% increase y/y.
And finally, in the first seven months, $164.7mn was transferred from Georgia to abroad, translating to a 28.4% increase y/y.
5.1.4 Gross international reserves
Georgia’s FX reserves up in 2020 despite extensive interventions to prop up lari
Georgia's foreign exchange reserves increased by $404mn in 2020, reaching $3.9bn as of the end of December, despite the $873mn sold by the National Bank of Georgia (NBG) for local currency stabilisation during the year.
In 2020, the central bank conducted a total of 26 currency interventions to mitigate fluctuations in the Georgian lari (GEL) exchange rate. The forex injections substituted for the lack of tourism revenue inflows amid the coronavirus crisis.
31 GEORGIA Country Report September 2021 www.intellinews.com