During the 2020 pandemic year remittances turned out to be a rare indicator that increased. According to the National Bank of Georgia, r in the first 11 months of 2020 emittances amounted to $ 1,686,303.0 thousand that is 8.0% more than in the same period of last year. experts believe that to transfer money was the only way to bring money in after the closure of borders.
During the pandemic, cash flow began growing in June and lasted until the end of the year. The largest volume of remittances was transferred in September and the lowest figure was recorded in April.
Levan Tavartkiladze, Head of Business Development Department at Intel Express, told Commersant about the challenges faced by the money transfer sector, the changes over the past year and the expectations for this year.
"The last year was full of challenges for all the sectors. Despite our activities are considered strategically important in all countries and we continued to work despite the pandemic, the restrictions still had a significant impact. as restrictions are aimed at reducing mobility, they will affect the dynamics of money transfers. during the first wave in March and April governments particularly tightened restrictions that decreased remittances to almost all countries, including Georgia. We had a special decrease from European countries. The easing of restrictions stabilized the situation and from May to November the sector saw an upward trend. to compare with 2019, now an increase of about 20% is observed. due to the second wave of the coronavirus, in October restrictions were imposed again. However, we were prepared to meet the challenges and increased access to remittances by offering more flexible services.
The pandemic had an interesting impact on the Georgian money transfer market. In the spring, when a full lockdown was declared in Europe during a pandemic - in March and April, remittances from Italy and Spain were almost halved both to Georgia and other countries. Total remittances from Great Britain, Greece, Italy, Cyprus and Ukraine, where Intel Express owns branches, increased to Georgia. The growth is also observed from the United States and the United Arab Emirates while a decline is registered from Poland and Armenia ," - Levan Tavartkiladze notes.
According to the National Bank, the volume of remittances in the country in November 2020 increased by 12.5 percent compared to the previous year. Levan Tavartkiladze says that Intel Express saw quite high growth in November.
"Our company saw an increase compared to the same period of last year. Compared to the previous year, IntelExpress had a nearly 30% increase in November, largely due to an increase in remittances from countries where Intel Express is represented. An increase in the flow of remittances is also related to the expansion of our system, "- Levan Tavartkiladze says.
Speaking about the expectations and plans for the current year, the head of the business development department at Intel Express notes that in 2021 they plan to issue Mastercard cards, which will be available to Intel Eexpress users.
It’s worth mentioning that the TOP-10 countries by a volume of the remittances transferred to Georgia from January to November are Russia (323 205,0 thousand USD); Italy ($ 265,799.1 thousand); USA ($ 196,048.9 thousand USD); Greece ($ 196,715.8 thousand); Israel ($ 141,286.2 thousand); Turkey ($ 96 841.6 thousand); Ukraine ($ 78,028.1 thousand); Germany ($ 65,838.9 thousand); Azerbaijan ($ 48 091.1 thousand); Spain ($ 43 160,6,6 thousand).