In March 2022 Georgia recieved most remittances from Italy

Most remittances to Georgia came from Italy

According to the National Bank of Georgia, the volume of remittances that the country received in March 2022 amounted to 193.1 million US dollars [about 625.9 million lari], which is 2.6% (i.e. 4.9 million dollars), more than in March 2021.

44.61% of remittances came from EU countries and 53.39% from other countries. Due to Russia’s invasion of Ukraine, the list no longer includes Ukraine, which has been replaced by Spain.

Countries from which the most money was transferred to Georgia last month:

1. Italy – $36.5 million
2. Russian Federation – $27 million;
3. USA – $25.64 million;
4. Greece – $18.95 million
5. Israel – $16.97 million
6. Germany – $11.31 million
7. Turkey – $8.38 million;
8. Kazakhstan – $7.55 million;
9. Azerbaijan – $4.76 million;
10. Spain – $4.69 million

It should be noted that in March 2022, 24 million US dollars were sent abroad from Georgia, which is 3.6% less than in March 2021.

How will economic sanctions against Russia affect Georgia?

The sanctions imposed against Russia have already entered into force. JAMnews has asked a Transparency International economist to commen on how anti-Russian sanctions will affect Georgia

According to the World Bank, Georgia ranks 21st in the list of countries dependent on remittances. In the same ranking, Tonga ranks first, with 37.2% of its gross domestic product (GDP) coming from remittances. Somalia is in second place with 35.3% and Kyrgyzstan is in third place with 31.3% of the economy depending on remittances.