Remittances to Georgia in 1999-2011. All figures in U.S. dollars. Source: National Bank of Georgia.

Money transferred from abroad to Georgia last year amounted to a record high of USD 1.26 billion, up 20.5% from 2010, according to figures released by Georgia’s central bank.

Money transfers from Russia, which has been the largest source of remittances for Georgia for many years already, stood at USD 655.2 million in 2011.

Among other largest sources of remittances for Georgia are: Greece with USD 144.6 million in 2011, followed by Italy - USD 109.1 million; the U.S.  – USD 75.5 million; Ukraine - USD 52.4 million; Spain - USD 30.9 million; Turkey - USD 27.6 million; Kazakhstan - USD 26.1 million; the UK - USD 14.6 million; Israel - USD 14.3 million; India - USD 13.2 million and Germany - USD 12.9 million .

Remittances stood at USD 84.4 million in January, 2012, a 13.4 % year-on-year increase, the Georgian central bank said on February 16.