Where money transfers to Georgia come from
18 September, 2015
Where money transfers to Georgia come from
The sums Georgia receives via money transfers from abroad have been steadily dwindling in recent years. This began with the economic crisis in Greece and the war between Russia and Ukraine. It is precisely in these countries that the largest share of Georgian emigres lives and works, sending the earned money to their families in Georgia.

Over the first seven months of 2015, the total amount received by Georgians from their relatives working abroad comprised $632 million, which is $100
million less than the amount received in the same period of 2014.


In the first seven months of 2015, the total amount received by Georgians from their relatives working abroad comprised $632 million, which is $100 million less than the amount received in the same period of 2014. On the other hand, there is a significant share of money transfers coming from Georgia itself, and this figure is growing, along with the list of countries where this money is sent. For example, aside from “traditional recipients” like Armenia, Azerbaijan and Turkey, transfers from Georgia were made to Tanzania, Senegal and Nepal. Transfers to Uzbekistan over the last five years have amounted geotv.geto a hefty total of $20 million.

Giorgi Kepuladze, head of Society and Banks NGO:

“When we are talking about money transfers, we are talking about families’ day-to-day survival. For what other reason would a person working abroad send his or her hard-earned pay over? Outbound transfers are also mainly headed to countries with a sizeable Georgian population like Ukraine, Greece, Turkey and Russia, so transactions go both ways. People living here pay their children’s tuition fees abroad, or settle their debts, or buy something through their relatives. Countries that have recently become a source of immigration to Georgia, such as Nigeria, are also a factor. Some students from there work part-time and send money to their relatives. Some of them run beauty salons here, for instance. The amount of money they send isn’t too large – a total of about $12 million over the last five years. The reason for outbound transfers increasing as of late is the growing amount of foreigners coming here to work. In addition, more and more Georgian students seek education abroad, their tuitions paid for by their families.”

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