In January 2024, the remittance volume from Russia to Georgia decreased by 74.7 percent compared to January 2023, reaching 67.7 million dollars. “Kommersant” Citing data from Georgia National Bank.
Despite the sharp decline, Russia remains the main source of money sent to Georgia. Italy ranks second with 44.2 million dollars, and the USA ranks third with 38 million dollars.
The volume of cross-border transfers to Georgia in January decreased by 40.8 percent on an annual basis to 263.4 million dollars, while Russia’s share in total transfers was 25.4 percent.
Experts associate the sharp decline in remittances from the Russian Federation with the outflow of Russians who moved to Georgia after the start of the special operation in Ukraine. In 2022, 1.856 million Russian citizens entered Georgia and 1.887 million people left Georgia.
At the end of December it became clear that the Russian Federation wanted Rosfinmonitoring. to organise Application to block internet banking.
Previously at the Central Bank said About the growing popularity of the SBP system.