YEREVAN, September 24 /ARKA/. Non-commercial net remittances to Armenia decreased by 38.1% (year-on-year) in July, driven by a 23.1% decline in inflows, according to the World Bank’s “Armenia Monthly Economic Update – September 2024”.
“In annual basis, remittance inflows from Russia fell by 42% in July, while they increased slightly on a month-on-month basis. Meanwhile, inflows from the US increased by 8.8%,” the study notes.
Analysts note that the outflow of remittances (especially to the UK and the US) also increased, which contributed to the decline in net inflows. Outflows to Russia fell by 13%.
According to the Central Bank of Armenia, the net inflow of non-commercial transfers to Armenia from abroad in July amounted to $89.8 million.
In general, the net inflow of cross-border transfers in favor of individuals in Armenia, received from abroad through the Armenian banking system, in January-July 2024 amounted to $758.7 million (in July – $163.3 million) against $1.03 billion for the seven months of 2023 (in July – $133.3 million). -0-
