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Russia is still a Leader. What about the Georgian Market of Money Transfers?

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Russia is still a Leader

Russia is still the leader in rapid transfers. Like in previous years, Russia has not lost its position  in term of transfers  from  and to Georgia 

Italy is second to cash withdrawals in Georgia, followed by Greece, America, Israel and Turkey. These are the countries in which the largest number of Georgian immigrants reside. As for money transfers from Georgia,  Russia takes the first position, then comes  Turkey, followed by Ukraine, Azerbaijan and Greece.

According to the statistics published on the website of the National Bank of Georgia, in January-October 2018, 1 292 545 200 USD was transferred to Georgia, that is by 173,5 MIO USD i.e. by  15% more than in the same period of the previous year – in  January-October 2017, 1.119.015.000 USD was transferred to Georgia from different foreign countries. As to the money transfers from Georgia during January-October 2017, this figure makes 168 981 300 USD, while during 10-month of the current year –   188 072 300USD transfers were made  from Georgia

In recent years statistics are as follows: in 2015, 1 079 952 100 USD  were transferred in Georgia, 2016 – 1 151 236 200 USD, and in 2017 the volume of money transfers amounted to 1 379 462 500 USD.  As for transfers from Georgia,  the number of transfers from the country in 2015 was 170 843 800 USD, in  2016 – 194 026 800 USD, and 2017 – 208 678 200 USD. . Up to 20 financial systems operate on the rapid money transfers market of Georgia, and most of them are integrated into banks and microfinance organizations.

In the total money turnover, “Zolotaia Korona” is the market leader. During 10-month period of the current year the transfers  through this system made 21% of total transfers, followed  by Western Union (17%) and Unistream (8,9%).

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