10.Jul.2019 11:13
Economy, Financial Sector

Remittances from Russia equals $451 Million Annually

Remittances from Russia equals $451 Million Annually

The United Russia, (“Edinaia Rossia”) the ruling political party of the Russian Federation suggested the State Duma Council terminate the import of wine and mineral waters from Georgia and place a ban on remittances from Russia.

According to Russian media, the Russian State Duma Committee on International Affairs supported this proposal, although this does not mean that the decision was officially entered into force.

Russia continues to be the largest sender of remittances to Georgia, given the large number of Georgians living in the country. 

The latest data on money transfers show that in May 2019 Georgia received $34.80 million in remittances from Russia, while in total money transfers from abroad amounted US $145.8 million

Money transfers from Russia:

2018 -US $451 million

2017 – US $450 million

2016 – US $389 million

Despite the increase in the amount of money, the share of Russia in total volume of remittances decreases. The share of remittances from Russia from total value was 33% in 2017 and 63% in 2008.

In 2018 the share of remittances from EU was increased. In the first five months of 2019, the amount of remittances from EU was 57% more than transferred from Russia. In the first 5 months of 2019 the share of EU remittances increased from 28% to 39%.

Source - Forbes.ge

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