Sat, 12 April
13.1 C
Yerevan
USD: 391.07 RUB: 4.66 EUR: 443.20 GEL: 142.03 GBP: 511.21
spot_img

Armenia’s Central Bank expects private remittances to Armenia to grow this year by 15-17%

YEREVAN, June 15. /ARKA/. Armenia’s Central Bank expects the amount of private remittances sent to Armenia from Russia and other countries largely by labor migrants to grow this year by an average of 15-17%, Chairman of the Central Bank Martin Galstyan told reporters on Tuesday.

He said the previous forecast was 7-9%. According to him, in the first months of 2021, the amount of private remittances was on the rise, reaching in some months more than 120%.

He said during that period private remittances from USA, which has a vast Armenian community, saw a significant increase.

“During the year, we expect also the remittances from the Russian Federation to show growth, as in March-April thousands of Armenian labor migrants traveled to Russia, which traditionally accounts for about 80% of all private money transfers sent to Armenia,” Galstyan said.

He also noted that the volume of non-commercial money transfers in March increased by 145.6% and in April by 190%.

The Executive Director of the Union of Banks of Armenia Seyran Sargsyan noted earlier that private money transfers to Armenia in the first quarter of 2021 increased by 14.7% or $52 million to $406 million.

The bulk – about $154 million – came from Russia, which was followed by  the United States – $118 million, Kazakhstan – $13 million, Germany – $15 million and France – $12 million.

Money transfers abroad from Armenia in the first quarter increased by 3.9% or $10 million to $277 million. Russia accounted for about $86 million, followed by the United States – $44 million. As a result, the net inflow of foreign exchange to Armenia in the first quarter amounted to $129 million. –0–

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

Arka news agency’s ranking of most profitable Armenian banks in 2019

In 2019, Armenia-based commercial banks earned a total of 78.8 billion drams in net profit, up from 56.4 billion drams they had earned in 2018, according to ARKA news agency's ranking of the most profitable commercial banks in the fourth quarter of 2019

Top ten Armenian banks by size of lending in 2019

In 2019, the overall loan portfolio of Armenia's banking sector grew by 16.4% to 3.572.2 trillion drams

LATEST NEWS

spot_imgspot_imgspot_img