Tuesday, November 20 2018 11:05

ArmInfo. Over the first 9  months of 2018, the outflow of transfers from individuals increased  by 23.5% per annum - to $ 829.6 million, with an increase in inflows by only 3.6% - to $ 1.279 billion. According to the Central Bank of  Armenia, this reduced the net inflow from 20.2 % per year- up to $  449.5 million. In Q3 alone growth in transfer inflows slowed down  from 19.8% to 14.5%, with outflow dynamics changing from a 4.1%  decline to 12.2% growth, resulting in a sharp slowdown of net inflows  growth from 96.9% to 18.2%.

Moreover, the inflow of transfers from Russia to Armenia increased in  year-over-year terms much more modestly than the outflow to Russia -  3.4% versus 22.5%. And to the United States, the increase in inflow  slightly yields to the outflow - 20.8% against 23.1%. In the Q3  alone, the growth in inflows from Russia slowed down from 28.6% to  19%, while the outflow dynamics changed from the 7.3% decline to  39.3% growth, while in the direction of the USA the inflow remained  in growth (15%) with a drop in outflow of 2.9%.

In the structure of the inflow, the share of Russia for 9 months  decreased from 61% to 60.2%, and in the outflow, on the contrary,  increased from 34% to 39.3%, against 60.3% and 39.6% a year earlier,  respectively. In the first 9 months of 2018 transfers of individuals  from Russia to Armenia totaled $ 769.8 million, $ 326 million flowed  to Russia from Armenia. $ 154.9 million were received from US through  private transfers, and $ 136.6 million flowed out of Armenia in 9  months.

To note for comparison, that for the first 9 months of 2017, the  inflow showed a higher y-o-y growth rate - 16.4%, but the outflow  increased by 18.9% which increased the net inflow by 13.5%. Then, the  inflow of transfers from Russia increased by 16.5% with an outflow  growth of 10.3%, but against this background the outflow in the US  sharply jumped - by 90.2% with an increase in the inflow of a meager  0.9%.  The Central Bank of Armenia revised the forecast for the  growth of remittances of individuals in 2018 to slow down- from the  previous 7-9% to the current 5-7%, explaining it by ruble collapse  against the background of new US sanctions against Russia.  According  to statistics of the Central Bank, in 2017 the inflow of individuals'  transfers to Armenia increased by 14.6% (against the forecast of  14-16%), reaching $ 1.757 billion. At the same time, the outflow of  transfers increased by 25.6% in 2017 to $ 1.026 billion. As a result,  the net inflow of transfers increased by 2.1% reaching $ 731 million  in 2017. In the inflow, Russia's share is 60.6% or $ 1.065 billion,  and in the outflow - 34.5% or $ 354 million. The inflow of transfers  from Russia grew in 2017 by 18, 7%, with outflow growth of 6.1%,  which increased net inflow from Russia by 26.2%.