The volume of transfers from Russia to Georgia in May, compared to May 2022, decreased by 55% and amounted to 154.7 million dollars. The RBC agency publishes information based on the statistics of transfers of central banks of the neighboring countries. These statistics include transfers of banking and money transfer systems, Zolotaya Korona, Unistream and Contact.
At that time, one of the main reasons for the increase in remittances was the influx of Russians into the country, and for the decrease in remittances is that there are no more volumes. Among other reasons, RBC also cites the change in the financial behavior of migrants, the return of part of them to Russia, the use of already transferred funds from savings, and the introduction of restrictions on popular transfer methods by large banks. These regulatory reasons for local banks are related to the risk of being subject to secondary sanctions.
"The downward trend of remittances is likely to continue unless there are any major shocks. Any significant change in the macroeconomic agenda affects the financial behavior of Russians. However, “short-term bursts” have a greater effect on balances and cash demand than on international remittances. These transfers are sensitive to longer-term changes," RBC wrote.
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