Friday, August 10 2012 19:15
Net inflow of private transfers to Armenia totaled $410.4 million by 1 June 2012
ArmInfo. The inflow of non-commercial private transfers via the banking system of Armenia totaled $519.9 mln over Jan-May 2012, having grown by 9.5% as compared to Jan-May 2011. The Central Bank of Armenia says that the outflow of private transfers from Armenia in Jan-May 2012 versus Jan-May 2011 rose by 12.5% to $109.5 mln in absolute terms. As a result, the net inflow of private transfers to Armenia totaled $410.4 mln by 1 June 2012 (8.7% y-o-y growth). Most of the transfers, like over the previous years, fell on Russia - 82.1%, and the following countries rank next: the USA - 5.8%, Kazakhstan - 1.3%, Ukraine - 1.3%, France - 0.8%, and Germany - 0.8%.
The source says that the growth was mostly due to the y-o-y growth in the inflow of transfers from Russia - by 12.9% to $427 mln, and from the United States - by 8.6% to $30.1 mln. Decline as fixed in the inflow of transfers from Kazakhstan - by 9.4% to $6.9 mln, Ukraine - by 29.2% to $6.6 mln, France - by 1.7% to $4.3 mln, Germany - by 5.3% to $4.2 mln.
Over 56.3% of the outflow (or $61.7 mln) fell on Russia (18.7% y-o-y growth) and on the USA (almost 9.4% (or $10.3 mln, 0.9% y-o-y growth). The outflow to China grew almost twofold to more than $4 mln, the outflow to Germany was up 40.8% to $2.8 mln, to the UAE - by 22% to $2.7 mln. Considerable decline was fixed in the outflow of transfers from Armenia to France - by 44.1% to $2 mln, and to Ukraine - by 10.2% to $5.7 mln.
As a result, the biggest net inflow of transfers (89%, or $365.3 mln ) was from Russia (12% y-o-y growth), and from the United States (4.8%, or $19.8 mln, 13% y-o-y growth).
Meanwhile, in Jan-May 2012 the net outflow of transfers to China dropped by 19% to $1.6 mln (outflow - over 4 mln and inflow - $2.4 thsd), to Turkey - by 36.6% to $848 thsd (outflow - $1.5 mln and inflow - $673 thsd). Net inflow from the UAE dropped to the negative level over year, i.e to the outflow of $18 thsd (outflow -$2.745 mln, inflow - $2.727 mln).
To recall, the Central Bank of Armenia expects the growth rates of individuals' money transfers to slow down. By the end of 2012 the CBA expects the non-commercial transfers of individuals to grow by 9- 12%. The CBA explains the deceleration of the growth rates of transfers in 2012 by the new forecast of economic growth in Russia for 2012. In particular, the IMF says that Russia will complete the year 2012 with 3.3% economic growth. To note, earlier the CBA's monetary and credit policy for Q4 2011 pointed out 11-13% growth in the net inflow of individuals' non-commercial transfers to Armenia for Jan-Sept 2012.
Today the private money transfers of individuals are made in Armenia via 17 international money transfer systems working with 21 banks, particularly, Contact, MoneyGram, Migom, Leader, Zolotaya Korona, Bystraya Poschta, BLIZKO, InterExpress, Private Money, and the largest players of this segment are UNIStream and Anelik.
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