Fri, 24 October
9.1 C
Yerevan
USD: 382.54 RUB: 4.70 EUR: 443.29 GEL: 140.81 GBP: 510.19

In Armenia the dominant trend highlights a reduction in inflows and higher outflows to Russia

YEREVAN, October 2. /ARKA/. In July money transfer inflows from Russia almost halved compared to July 2022, accompanied by a doubling of outflows to Russia from a low base, according to the World Bank’s review “Armenia monthly economic update – september 2023”..

“However, total net money transfers were only 2 percent lower (yoy) due to exceptionally low net inflows in July of 2022. While money transfer inflows and outflows both show significant fluctuation, the dominant trend highlights a reduction in inflows and higher outflows to Russia.,’ the review said.

Private remittances sent to Armenia from abroad through the banks exceeded $3.3 billion in January-July 2023, up from $2.4 billion, sent in the same time span in 2022, according to a Central Bank of Armenia report.

Money transfers from the Russian Federation in January-July of this year amounted to $2.4 billion against $1.6 billion sent in the same period last year, increasing 1.5 times.

Money transfers from Armenia to the Russian Federation in January-July of this year totaled $396.1 million, compared to $225.8 million in the same period last year. -0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Armenia is experiencing an investment boom: opportunities, barriers and main misconceptions

Armenia's investment market is experiencing a period of active development: the number of issues is growing, digital technologies simplify access to financial instruments.

Moody’s upgrades Converse Bank’s ratings

Moody's Ratings has upgraded Converse Bank CJSC's long-term local and foreign currency bank deposit ratings to Ba3 from B1, aligning the Bank’s rating with Armenia’s sovereign rating.

“We want the word ‘investor’ in Armenia to mean normality, not elitism” – Freedom Broker Armenia

ARKA news agency spoke with Freedom Broker Armenia Director Ovak Ovakimian about the transformation of investment thinking, company strategy and trust as an economic value.

Investor of the new era: how the capital management culture is changing in Armenia

Interest in investments in Armenia is growing, but it is too early to talk about an established capital management culture.

LATEST NEWS

spot_imgspot_imgspot_img