Mon, 15 September
16.1 C
Yerevan
USD: 383.47 RUB: 4.56 EUR: 449.96 GEL: 142.03 GBP: 519.91

Armenia saw record volume of money transfers in 2022 – EDB

YEREVAN, February 14. /ARKA/. Individual money transfers to Armenia, Kazakhstan, Kyrgyzstan and Uzbekistan in 2022 amounted to $26.5bn, which is 1.9 times higher than in 2021, according to the Eurasian Development Bank’s (EDB) estimates.

Money transfers to Armenia increased by 2.5 times to $5.2 billion, to Kazakhstan – 2.2 times ($1.5 billion), to Uzbekistan – 2.1 times ($16.9 billion) and to Kyrgyzstan – 6.2% ($2.9 billion).

Armenia and Uzbekistan benefited the most. Net inflows of remittances to these countries increased 2.9 and 2.3 times respectively and, as a percentage of GDP, from 6.4% to 13.2% in Armenia and from 9.3% to 18.4% in Uzbekistan.  These countries received $3.6 billion and $14.5 billion from Russia in 2022.

According to the Central Bank of Armenia, net inflow of personal remittances to Armenia in 2022 amounted to a record $2.5bn. About 70%- came from Russia.

The World Bank has ranked Armenia, along with Tajikistan and Kyrgyzstan, among the leading countries in terms of the ratio of remittances to GDP.

According to the WB report ‘Remittances Brave Global Headwinds”, the ratio in Armenia is 18.9%. According to the report, an unexpected and strong appreciation of the Russian ruble translated into higher value, in U.S. dollar terms, of outward remittances to Central Asia and the Southern Caucasus countries. -0-

spot_img

POPULAR

3.6% inflation registered in Armenia in August

n the consumer market of Armenia, 12-month inflation in August of this year amounted to 3.6%, according to the report of the National Statistical Committee (NSC) of Armenia.

Central Bank of Armenia initiates discussions on draft by-laws related to Law on Cryptoassets

The Central Bank of Armenia is set to conduct a public discussion on  the draft by-laws essential for implementing the Law on Cryptoassets, which became effective on July 4 of this year, as reported by the regulator's press service.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

The UAE instead of Europe : why Armenia needs to change its approach to crypto regulation – EXCLUSIVE

The Armenian Forum on Cryptocurrency Assets, organized by the Cilicia Business Club, was recently conducted in Yerevan.

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.

LATEST NEWS

spot_imgspot_imgspot_img