US Becomes Top Source of Remittances to Georgia in 2024, Surpassing Italy and Russia
In 2024, the United States ranked first in remittances to Georgia, followed by Italy and Russia.
Observers attributed the sharp decline in remittances from Russia to the outflow of Russians who moved to Georgia at the start of Russia's war in Ukraine. Over the year, private transfers via electronic systems from other countries to Georgia amounted to approximately $3.3 billion, representing an 18.9% decrease compared to 2023.
The National Bank reported that remittances from the United States reached $571.1 million, reflecting a 27.8% increase. Transfers from Italy amounted to $565.8 million, showing a 9.1% growth, while remittances from Russia totaled $548.2 million, marking a significant 36% decline. Germany contributed $267.3 million, an increase of 16%, and Greece recorded $262.7 million, 12.8% higher than the previous year. Outbound transfers from Georgia amounted to $378 million, reflecting a 6% increase compared to 2023.
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