YEREVAN, November 1. /ARKA/. Money transfer inflows and outflows rose significantly in August compared to July, resulting in 52 percent higher net inflows (mom), the World Bank said in ‘Armenia Monthly Economic Update – October 2023.’
Nonetheless, the net inflow of money transfers in August was 30 percent lower compared to the same period of last year. The reason for this contraction was a 74 percent higher outflow (including a doubling of outflows to Russia from a low base).
In August, most money transfers were with Russia, accounting for 66.2 percent of inflows and 20 percent of outflows. The remaining outflows have been directed to the USA, Western Europe, and other countries.
According to Armenia’s Central Bank, cross-border individual remittances sent to Armenia through the banks in the first 8 months of 2023 exceeded $3.8 billion, up from $2.9 billion, sent in the same time span of 2022.
Remittances from the Russian Federation amounted to $2.7 billion from $1.9 billion a year ago, increasing 1.4 times.
Remittances from the U.S. decreased: to $430.6 million from $433.8 million in January-August last year.
At the same time, individual remittances from Armenia to foreign countries through the banks amounted to $2.6 billion from $1.5 billion a year ago.
Remittances to the Russian Federation amounted to $460.3 million against $256.5 million, while remittances sent to the USA grew to $288.1 million from $174 million a year ago.
The net inflow of remittances in the first 8 months totaled $1.2 billion, up from o $1.4 billion in January-August 2022. -0-
