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Russia, US, Italy largest remittance senders in December 2016

Tuesday, January 17
Russia, the United States (US) and Italy accounted for 57.1 percent of December 2016 remittances to Georgia, making them the three largest suppliers of foreign money transfers.

Last month, Georgia received $41.5 million in remittances from Russia, which accounted for 34.9 percent of all money transfers made to Georgia in December 2016, said the National Bank of Georgia (NBG).

Georgia's second largest source of remittances was the US, with $14.1 million in money transfers followed by Italy, transferring $12.3 million.

Overall Georgia received $119 million from abroad in December 2016. This is a 16.7 percent year-on-year (y/y) increase, said the NBG.

The vast majority (92.6 percent) of all money transfers from abroad came from 14 countries.

After Russia, the US and Italy, other countries regularly sending money transfers to Georgia in 2016 included:
Greece $11.9 million
Turkey - $8.3 million
Israel - $7.1 million
Spain - $2.9 million
Germany - $2.9 million
Ukraine - $2.5 million
Azerbaijan - $1.9 million
United Kingdom - $1.3 million
France $1.2 million
Iraq - $1.1 million
Kazakhstan - $1.1 million

Remittances leaving Georgia totalled $18.2 million in December of 2016. This was higher than the $17.8 million transferred out in December of 2015, reported the NBG.