Page 25 - GEORptDec20

5.1.3​ Capital flows
Private transfers to Georgia up 22% y/y in July
The July volume of money transfers from abroad to Georgia amounted to $188.7mn (Georgian lari, or GEL, 578.0mn), up 22.1% y/y.
The most important source of such transfers to Georgia remained Russia (21.4% of the total). Compared to July 2019, the transfers from Russia to Georgia increased by 3.65%.
Transfers from Italy (15% of the total), US (12%) and Greece (11%) moved up by the more robust rates of 41% y/y, 34% y/y and 19% y/y, respectively.
Some 94.6% of the money transfers total from abroad came from 18 largest partner countries, with the volume of transfers from each of these countries exceeding $1mn in July. In July 2019, the share of these 18 countries was equivalent to 93.4% of the total volume of money transfers.
Also in July, $22.2mn (GEL 68.1mn) was transferred from Georgia to abroad, marking a 15.6% y/y increase.
Remittances to Georgia H1, 2020 [$ thousands]
inflows
outflows
net
% of total
net y/y
TOTAL
768,986
106,054
662,931
100%
-4.9%
Russia
145,699
35,051
110,648
17%
-31.5%
Italy
127,775
1,779
125,996
19%
14.5%
U.S.
88,046
1,810
86,236
13%
3.3%
Greece
96,395
4,270
92,125
14%
3.5%
Israel
71,435
1,665
69,769
11%
-9.1%
Turkey
46,269
17,886
28,384
4%
-11.3%
Germany
29,089
1,735
27,354
4%
31.7%
Ukraine
23,516
11,205
12,310
2%
173.3%
Azerbaijan
16,855
7,136
9,719
1%
178.9%
Spain
19,641
1,137
18,503
3%
-14.0%
25​ GEORGIA Country Report ​December 2020 ​ ​www.intellinews.com