Recent data reveals a notable shift in cross‑border remittance patterns from Russia to Georgia. On the latest reporting period, the total remittance inflows reached 62.2 million dollars, marking a threefold drop from the previous year’s level. This figure comes from data published by TASS and cited by the National Bank of Georgia, underscoring a broader downward trend in money transfers from Russia that has persisted into the current year. The decline reflects a mix of macroeconomic factors, currency dynamics, and evolving migration and payment flows that affect households and small businesses in Georgia as they manage daily expenses and long‑term financial planning.
For context, February 2023 saw a much larger inflow of 187.3 million dollars from the Russian Federation. Since last March, the pace of transfers in this direction has decelerated, dipping below the 100 million dollar mark by July of that year. The pattern suggests that a combination of sanctions, economic contraction, and shifting consumer behavior in both countries contributed to the sustained reduction in transfers. In a regional lens, Georgia’s dependence on remittances from Russia appears to have diminished over the late cycle, even as other sources of inflows remained more active.
A broader picture emerges from February data, showing a total of 272.3 million dollars transferred into Georgia from abroad. This amount was markedly below the previous year’s level, with Russia continuing to be a dominant player by accounting for 22.8 percent of total transfers. Italy followed with 16.1 percent, and the United States closed the top three with 15.1 percent. These shares illustrate the geographic diversification of Georgia’s external finance and highlight how external shocks in one region can influence domestic liquidity and financial stability.
On the domestic side, the Central Bank of Russia reported a striking rise in cash withdrawals from cards in 2023. Russians withdrew a record 33.3 trillion rubles, a figure that signals strong consumer demand at the point of sale and a material preference for card‑based payments across a wide spectrum of transactions. Such a surge in cashless activity, paired with elevated withdrawal levels, can reflect consumer confidence, spending patterns, and the evolving structure of Russia’s banking system. It may also indicate shifts in savings behavior, liquidity management, and monetary policy transmission that are of interest to both policymakers and market participants.
In related developments, there was a public discussion about the relative popularity of World cards in Cuba, a point that underscores how payment networks and card programs influence consumer choices in various markets. Earlier observations at DIA clarified the timing and magnitude of payments to QIWI Bank depositors, illustrating how payment service providers adapt to regulatory environments and demand cycles. Together, these notes help paint a broader picture of how payment ecosystems are evolving across regions, with implications for remittance flows, consumer spending, and financial inclusion in Georgia and neighboring markets. [Source: National Bank of Georgia; Central Bank of Russia; DIA reports; relevant agencies cited in reporting.]