National Bank of Georgia: 2.06 billion dollars were transferred from Russia in 2022
Since the beginning of 2022, Russians have transferred $2.06 billion to Georgia, five times more than in the same period of 2021. This is evidenced data national bank of the republic.
Last year, Russia became the leader in terms of money transfers to this country, followed by Italy in second place and the United States in third. In December, the share of Russians in the total volume of money transfers to Georgia amounted to 59.2 percent, while citizens sent a record $317.3 million to bank accounts (plus 699 percent in annual terms).
The volume of transfers from Russia to Georgia increased sharply in May – an increase of 888 percent in annual terms. In the next three months, the hype subsided a little, but in October the demand increased again. In total, more than $4.3 billion was transferred to Georgia from around the world last year, which is 86 percent more than in 2021.
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The Russians began to transfer money to the CIS countries more often against the backdrop of the outbreak of hostilities in Ukraine and the subsequent announcement of partial mobilization. After the introduction of Western sanctions, the international payment systems Visa and Mastercard stopped working in Russia, so many citizens decided to open foreign currency accounts and cards in neighboring countries.
Against this background, by the beginning of 2023, the Georgian lari has appreciated by more than 16 percent since the beginning of 2022, outpacing the Russian ruble in terms of growth. According to the results of the current year, the IMF raised the forecast for the growth of the Georgian economy to 10 percent. Also, the national bank of the country previously reported that by the end of 2022, the regulator’s international reserves increased by $628.1 million, reaching a historical record of $4.9 billion.
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