YEREVAN, 16 July. /ARKA/. Non-commercial net money transfers to Armenia from abroad contracted by 44 percent (yoy) in May, driven by a 34 percent decline in inflows, according to the World Bank’s Armenia Monthly Economic Update – July 2024 review, published on Tuesday.
Money transfer inflows from Russia fell by 55 percent (yoy) in May, explaining most of the contraction, and inflows from the US grew by 4 percent (yoy), albeit well below the 14 percent(yoy) observed in April (Figure 2). In April, total outflows of money transfers declined by 12 percent (yoy), with those to Russia contracting by 17 percent (yoy).
According to the Central Bank of Armenia, the net inflow of private cross-border money transfers amounted to $121.8 in May.
