BAKU, Azerbaijan, November 5. Money transfers to Georgia rose by 12.1 percent year-on-year in September, reaching $317.8 million, according to the National Bank of Georgia (NBG), Trend reports.
Outflows from the country also increased by 12.7 percent to $38.2 million.
The NBG said the growth was mainly driven by remittances from the European Union, which grew by 11.7 percent compared to the same period last year. Transfers from the U.S. continued to expand strongly, up by 21.7 percent, while inflows from Russia increased by 1.3 percent.
The EU remained the largest source of remittances, accounting for 45.4 percent of the total, followed by the U.S. with 18.8 percent and Russia with 12.4 percent. Within the EU, Italy (17.0 percent), Germany (9.4 percent), and Greece (8.2 percent) were the leading contributors.