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July 2023 Sees Decrease in Inflows, Russia’s Contributions Decline

by Mariam Gorkhelashvili
August 16, 2023
in Business & Economy, Magazine
Reading Time: 1 min read
July 2023 Sees Decrease in Inflows, Russia’s Contributions Decline

The National Bank’s data reveals that the country received $301.1 million in remittances in July, marking a 1.6% decrease (equivalent to $5 million) from July 2022.

There has been a decline in remittances compared to the previous month, as July 2023 saw an inflow of $353 million in remittances. This reduction amounts to approximately 15%.

Over 7 months, $2.6 million was transferred to Georgia, with remittances from Russia contributing significantly, making up $1.2 billion or nearly half of the total remittance amount.

July’s largest volume of remittances, totaling $73.8 million, originated once again from Russia. This figure reflects a 27% annual decrease in remittances from Russia compared to July 2022’s $100.5 million.

By Mariam Gorkhelashvili

Tags: National Bank
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