Recent data released by Georgia’s financial regulators show a sharp shift in international money transfers to Georgia during early 2023. In March, total transfers from abroad rose to 438.4 million US dollars, a jump of 127.1 percent from March 2022, and a summary figure reported by the National Bank of Georgia confirms that Russia accounted for a majority share. The same month, the flow from abroad reached 1,134.4 million US dollars in total while Russia alone supplied 223.57 million dollars, representing 51 percent of all inbound transfers.
This pattern places Russia as the dominant source of remittances into Georgia for that period. Italy followed with a 9.9 percent share, equating to about 43.4 million dollars, and the United States contributed roughly 8.21 percent, or 35.99 million dollars, rounding out the top three foreign contributors to Georgia’s remittance landscape. A press release from Georgia’s currency regulator also highlighted that European Union nations collectively accounted for 23.78 percent of inbound transfers, which translates to about 104.2 million dollars.
Taken together, the data illustrate a significant reliance on Russian inflows among international transfers to Georgia during this timeframe. The February edition of Banks and Finance cited Central Bank of Georgia figures indicating January 2023 totals of 445 million dollars in transfers to the republic, marking a 163.5 percent increase over January of the previous year. Notably, transfers from Russia represented more than half of all January inflows, at 60.1 percent, underscoring a persistent pattern of pronounced Russian activity in Georgia’s remittance market.
These snapshots from early 2023 reflect broader economic ties and the way cross-border payments shape Georgia’s financial landscape. Analysts note that such concentration among a handful of source countries can influence currency stability, consumer prices, and the flow of capital within Georgia. While the mix of sources evolved over the year, the March figures remained a focal point for policymakers monitoring external balances and the reach of remittance channels across different regions. Sources for these observations include official data releases from the National Bank of Georgia and contemporaneous reports from financial press covering the Central Bank of Georgia’s monthly updates. (Source attribution: National Bank of Georgia; Banks and Finance; Central Bank of Georgia.)