12:28, 18 October 2022 Page views 474 views

Remittances from Russia to Georgia went up by 4.5 times in September

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Compared to August 2022, this figure increased by almost 1.5 times from $111 million. The highest amount since June 2022 was in September, when $231.4 million were transferred from Russia to Georgia.

In total, in September, remittances to Georgia from other countries increased by 85% compared to September 2021 to reach $387.2 million, whereas Russia accounted for 45% of this amount.

Regarding the volume of transfers from Russia to Georgia in January-September 2022, it went up by 3.8 times year-on-year to exceed $1.1 billion. The share of Russia in the volume of all incoming transfers in Georgia amounted to 40.3% of $2.8 billion over this period.

Remittances from Georgia to other countries, in turn, for 9 months of 2022 increased by 11.5%, to $246.8 million, and in September they went up by 9%, to $32 million.

As previously reported, since the beginning of the Russian-Ukrainian military conflict, 45.4 thousand Russian citizens have opened bank accounts in Georgia. As of August 31, 2022, Russians deposited 1.88 billion lari to Georgian bank accounts, which is equivalent to $671.51 million. For comparison, in August 2021, Russians kept 1.2 billion lari less in Georgian banks.