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Money transfers very important for Georgia

By Messenger Staff
Thursday, December 10
Analysts suggest that the deterioration of the economic situation in South Caucasus and Central Asian countries is very much tied in with the decrease of money transfers to these countries.

In recent years money transfers into Georgia from abroad increased, and a large amount of money came into Georgia from Russia as well as other countries. In 2005 Georgia received around USD 180 million annually, in 2006 this figure was more than half a billion, in 2007 it was almost USD 900 million. In 2008, despite the Russian aggression, it increased further and exceeded USD 1 billion.

In the first 9 months of 2009 Georgia has received around USD 590 million, mainly from Russia, the USA and Spain. If we take into account the current recession in all these countries it is unlikely that the inflow will increase to previous levels if at all.