Money Transfers from Abroad Soared by 60%

Money transferred from abroad to Georgia reached USD 431 million in the first seven months of 2007, a 60% rise on the same period last year, the National Bank of Georgia (NBG) said on August 22.

The data only take account of money transferred though person-to-person systems.

Most of the funds ? 63% – came from Russia; a total of USD 272 million in January-July 2007.

The remaining breakdown of funds transferred is as follows: USD 61 million from the United States (14%); USD 13 million from Spain (3%); USD 11 million from Austria (2.5%); USD 10.6 million from Greece (2.5%); USD 10 million from Ukraine (2.3%) and USD 9 million from Turkey (2%).

A total of USD 546 million was transferred from abroad to Georgia in 2006. Russia?s share was USD 365 million.

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