In October, remittances sent to Georgia grew by 13.4% year-on-year, reaching USD 318.7 million, while outflows from Georgia increased by 14.5% to USD 40.8 million, according to the National Bank of Georgia.

The central bank reported that the rise was mainly fuelled by stronger inflows from the European Union, which saw a 15.0% annual increase. Transfers from the United States also continued their upward trend, expanding by 16.5%. Russia contributed modestly as well, adding 2.5% to October’s overall growth.

“In October, the primary sources of remittances were EU member states (44.9% share), the United States (18.6%), and Russia (13.0%). Among EU countries, Italy (16.7%), Germany (9.3%), and Greece (8.1%) accounted for the largest shares,” the National Bank stated.