Almost half of all foreign transfers arrived from Russia to Georgia in March
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In March of this year, Russia received 49% of all money transfers received by Georgia from other states. This is $214.8 million out of a total of $438.4 million. informs National (central) Bank of Georgia.
According to this indicator, Russia has taken the undisputed first place among all states from which money is transferred to Georgia by bank transfer or by fast currency transfer systems. For comparison, in March, $43.399 million was transferred from Italy, which ranks second, from the United States (third place) – $35.994 million, from Greece – $19.571 million, from Israel – $18.749 million.
In March 2023, the amount of money transfers from the Russian Federation increased by 127% compared to March last year. Moreover, if we compare the first months of this and last years, then the growth in January 2023 compared to January 2022 made up 1096%.
These figures irrefutably prove that the growth of transfers from the Russian Federation to Georgia is directly related to the start of a special military operation in Ukraine and a large flow of Russian citizens who moved from Russia to Georgia. Their total number, according to unofficial data, is from 120 thousand to 130 thousand people.
The growth of money transfers from the Russian Federation to Georgia primarily affected the strengthening of the national currency from 3.15 lari per $1 in March 2022 to 2.52 lari in March 2023. This allowed the National Bank to buy a significant amount of foreign currency on the local market, for the first time increasing the country’s foreign exchange reserve to the level of $5 billion.
Moreover, the government adjusted the expenditure part of the budget upwards several times during the year due to the growth of budget revenues, and the country’s GDP for 2022 reached 10.1%.
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