Net inflow of non-commercial money transfers to Armenia from abroad down 1.4 times in 10 months of 2024

YEREVAN, 2 December. /ARKA/. The net inflow of private cross-border remittances to Armenia from abroad through the banking system in January-October 2024 dropped to $1.03 billion from $1.45 billion in the first ten months of 2023, the report of the Central Bank shows.

Thus, this indicator for the reporting period decreased by 1.4 times in annual terms. At the same time, in October this year, the net inflow of cross-border remittances amounted to $142.9 million against about $125.4 million in October last year.

The inflow of cross-border remittances received from abroad through the banking system in January-October 2024 stood at about $4.5 billion against $4.8 billion in the same period of 2023.

The bulk of remittances came from Russia - $2.9 billion and the US - $555.9 million. Russia and the United States were the leaders in remittances to Armenia in the same period last year ($3.4 billion and $542.8 million respectively).

The outflow of private remittances from Armenia to foreign countries, made through banks in January-October 2024, amounted to $3.47 billion against $3.35 billion in the same period last year.

The UAE ($739.8 million) and Russia ($550.4 million) were the leaders in terms of remittances from Armenia to foreign countries in the reporting period of this year. Russia ($554.4 million) and the UAE ($488.6 million) were also leaders in the same period of 2023. -0-eriod of 2023. -0-