YEREVAN, October 21. /ARKA/. Net non-commercial money transfers contracted 18.6 percent (yoy) in August, according to World Bank’s Armenia monthly economic update – October 2024.
This was driven by a greater fall in inflows (15.5 percent, yoy) than outflows (9.8 percent, yoy). Net money transfers from Russia dropped sharply by 31 percent (yoy) in August, contributing to the total fall .
Inflation in September was 0.6 percent (yoy), dropping from 1.3 percent (yoy) in August. One percent deflation in food prices was the main reason for the fall.
Meanwhile, inflation in transport services reached 9 percent (yoy) in September. Average inflation for January-September 2024 was flat (zero percent).
According to the Central Bank of Armenia, the net inflow of private cross-border remittances in August 2024 was $32 million against $202.4 million in August 2023. At the same time, the figure for Russia was $28.6 million ($278.8 million in August last year).-0-
