ECONOMY

Koba Gvenetadze: Dynamics of money transfers is reassuring

16.06.20 13:15


According to the President of the National Bank of Georgia, Koba Gvenetadze, the dynamics of money transfers are reassuring.

 

As Gvenetadze posted on Facebook, it's good news that, contrary to expectations, the money transfer decrease in May only amounted to 9.6%.

 

"The dynamics of money transfer is reassuring. The transfers were decreased by 42.3% in April while in May it's 9.6%. Considering the negative expectations at the beginning of the pandemic, it's really good news. If this tendency continues, the current account deficit won't as high as it was previously indicated by the market prognosis. Naturally, this will have positive effects on economic activities and on exchange rates", - writes Gvenetadze.

 

For the record, the overall amount of money transfer flow constituted 131.8 million USD fro May 2020 which is 9.6% (13.9 million USD) lower compared to the previous year's figures.

 

 

source: IPN

 

 

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