Money transfers to Georgia experienced a significant downturn in October 2024, falling by 1.5% to $281.1 million. This comes after a smaller 1.1% decrease the previous month, according to a report published by Galt & Taggart.
Breakdown of Transfers by Region
The data highlights varying trends across different regions sending money to Georgia. The European Union and the United States showed positive growth, while countries like Russia and Kazakhstan experienced notable declines.
- European Union: Transfers from the EU grew by 11.5% year-over-year, making up 45.9% of the total.
- United States: A significant 20.6% increase in transfers from the U.S. contributed 18.1% of the total.
- Israel: Transfers from Israel increased by 23.1%, representing 7.5% of total money transfers.
On the flip side, both Russia and Kazakhstan saw drastic drops in their contributions:
- Russia: Transfers from Russia decreased by a staggering 44.5%, accounting for 12.2% of the total.
- Kazakhstan: A 53.8% decrease was recorded from Kazakhstan, representing just 2.7% of the total.
Overall Decline in 2024 Transfers
For the first ten months of 2024, total money transfers to Georgia have fallen by 20.6%, amounting to $2.8 billion. Galt & Taggart predicts that the year will end with a total of $3.4 billion in transfers, reflecting the ongoing decline in money flows.
The decline in transfers, particularly from regions like Russia and Kazakhstan, may be tied to various economic and geopolitical factors, adding uncertainty to the overall financial landscape in Georgia.
