YEREVAN, February 16. /ARKA/. Remittance outflows from Armenia soared by 55% in 2023 to $4 billion in 2023, leading to a 36% YoY decline in net cross-border remittances, the Eurasian Development Bank says in a macroeconomic review for February 2024.
“In 2023 the inflow of private cross-border remittances amounted to $5.7 billion (+9.7% YoY), remaining at historically high levels. In 2022 their inflow amounted to $5.1 billion against $1.9 billion, on average, per year in 2018-2021),” the review says.
According to the Central Bank of Armenia, private remittances from Russia in 2023 amounted to $3.94 billion versus $3.6 billion in 2022. Remittances from the United States dropped to $663.2 million from $670.9 million and remittances from Switzerland grew to $140.8 billion from $95.7 million.
Remittances from Armenia to Russia grew to $641.4 million from $453 million in 2022, remittances to UAE surged to $571 million from $275.3 million, and remittances to the United States grew to $465 million from $327.8 million.
Net cross-border remittance inflows in 2023 stood at $1.65 billion vs. $2.58 billion in 2022. -0-
