Remittances to Georgia growing
By Messenger Staff
Tuesday, February 28In 2011, Georgia received over $1.2 billion USD in remittances from 190 countries.
The largest amount came from Russia, with 59% of the total, followed by European countries at 28%. The remainder came from the United States, Asia, and Latin America.
Remittances are a major part of the world economy, as they improve the welfare of local populations. Family members working abroad send home part of their wages, funding small businesses, education, home improvement, and basic necessities. Transfers also maintain the strength of the local currency, increase a country's foreign currency reserves, and support vulnerable population.
Since 2004, foreign currency transfers into Georgia have increased fourfold. It is estimated that per year, one immigrant transfers 6000 USD back to Georgia.