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Remittances up in 2007, newspaper says

By M. Alkhazashvili
(Translated by Diana Dundua)
Tuesday, February 26
The newspaper 24 Saati reports that remittance transfers to Georgia totaled USD 866.1 million in 2007, a 59 percent increase on the 2006 figure.

Most remittancesó62.9 percentócome from Russia, the newspaper says. The US is the next most significant origin of remittance transfers, accounting for 12.3 percent of the total; Spain comes in third with 3.4 percent.

The trend appears to be continuing this year, with remittances in January totaling USD 62.1 million, USD 10.7 million more than in January 2007, according to the newspaper Akhali Taoba.

Remittances in 2006 totaled USD 546 million, a 35.5 percent increase on the previous year.