Money transfers from abroad to Georgia in 2015 declined by 25% year-on-year to USD 1.08 billion, according to figures released by the National Bank of Georgia on Friday.

Decline was mostly caused by sharp drop in transfers from Russia, which is Georgia’s major source of remittances, as well as from Greece.

Transfers from Russia declined by 39% y/y to USD 432.68 million in 2015. Russia’s share in Georgia’s total remittances declined from 49.2% in 2014 to 40% in 2015.

Despite 42.5% y/y decline in transfers from Greece, the latter was still Georgia’s second largest source of remittances in 2015 with USD 117.68 million.

Greece was followed by Italy with USD 109 million (down by 10.2% y/y); the United States – USD 91.42 million (11.5% y/y increase); Turkey – USD 68.87 million (up by 7.1% y/y); Israel – USD 32.78 million (38.9% y/y increase); Spain – USD 26.69 million (down by 4.6% y/y); Germany – USD 26.64 million (up by 10% y/y).

Transfers from Ukraine, which was Georgia’s sixth largest source of remittances in 2014, declined by 32.4% y/y to USD 20.81 million in 2015.

Remittances stood at USD 1.44 billion in 2014, down by 2.45% y/y.