Money transfers up 22.1% y/y in July 2020
In July 2020, money transfers increased 22.1% y/y to US$ 188.7mn, after growing 17.8% y/y in the previous month, according to NBG. From major remitting countries, money transfers were up from Russia (+3.6% y/y, 21.4% of total), Italy (+34.4% y/y, 14.9% of total), USA (+40.6% y/y, 11.9% of total) and Greece (+19.2% y/y, 10.7% of total). Meanwhile, remittances declined from Israel (-1.9% y/y, 7.5% of total). Overall, in 7M20 money transfers were almost flat, down just 0.3% y/y to US$ 957.7mn.
Trade deficit down 9.4% y/y in July 2020
In July 2020, trade deficit narrowed by 9.4% y/y to US$ 442.0mn according to Geostat’s preliminary figures as exports decreased by 21.6% y/y to US$ 254.1mn and imports fell by 14.3% y/y to US$ 696.0mn. In 7M20, trade deficit was down 18.6% y/y to US$ 2.5bn as exports decreased by 16.8% y/y and imports were down 17.9% y/y. Detailed foreign trade statistics will be available on August 19, 2020.
NBG sold US$ 20mn
On 13 August 2020, the NBG intervened on the FX market and sold US$ 20mn to limit GEL volatility. This was 10th FX intervention YTD for a total sale of US$ 289.7mn through FX auctions.
