Italy Tops May Remittances, Russia Second, USA Third

Based on data from the National Bank, Italy ranks first in terms of the amount of remittances, with $48.12 million deposited last month. This constitutes 16.93% of the total volume of remittances. Compared to May of the previous year, the amount from Italy increased by 7.74%.

In the remittances statistics, Russia moved to second place. Russia received $48.11 million, accounting for 16.92% of the total remittance volume, which is 69.50% less than in May 2023. Following the start of the war in Ukraine and the influx of Russian citizens to Georgia, Russia took the lead in remittance amounts. The peak was recorded in December 2022, when $317.3 million was transferred in one month.

The United States of America holds third place, with $47.22 million deposited in May. This represents 16.61% of the total remittance volume and is 22.10% higher than the figure for May last year.

The countries from which the most money was transferred in May are:

• Italy: $48.12 million
• Russia: $48.11 million
• USA: $47.22 million
• Greece: $22 million
• Israel: $21.78 million
• Germany: $21.73 million
• Kazakhstan: $11.34 million
• Turkey: $8.63 million
• Spain: $5.64 million
• Ireland: $5.32 million
• France: $4.9 million
• Kyrgyzstan: $4.72 million
• Azerbaijan: $4.03 million
• United Kingdom: $3.66 million
• Poland: $3.02 million
• Canada: $2.23 million

In May, $30.1 million ($81.9 million GEL) was sent from Georgia abroad, which is 3.5% less than the figure for May 2023 ($31.2 million).