Wednesday, January 16 2019 16:44

ArmInfo.Over 11 months of 2018, the outflow of transfers of individuals increased by 21.8% per annum - up to $ 1.065 billion, with an increase in inflows of only  3.2% - to $ 1.612 billion. According to the Central Bank of Armenia,  this reduced the net inflow in y-o-y terms by 20.4 % - up to $ 546.7  million

Moreover, the inflow of transfers from Russia to Armenia grew on an  y-o-y basis much more modest than the outflow in this direction -  1.1% versus 28.6%. And in the direction of the United States, the  increase in inflow far outpaced the rise of outflow - 25.4% versus  3.9%.

In the structure of the inflow, the share of Russia for 11 months of  2018 decreased to 59%, and in the outflow, on the contrary, increased  to 41%, against 60% and 38%, respectively, a year earlier. In the  first 11 months of 2018, Armenia received $ 954.6 million from Russia  through transfers from individuals, and $ 432.9 million flowed to  Russia. $ 200.6 million from private transfers came from the USA, and  $ 168.1 million from Armenia flowed from 11 months.

As a comparison, we note that in the first 11 months of 2017, the  inflow showed a higher y-o-y growth rate - 18.2%, but the outflow  increased by 23.5%, which increased the net inflow by 12%. Then, the  inflow of transfers from Russia increased by 17.7% with an outflow  growth of 10.2%, but against this background the outflow in the US  sharply jumped 2.1 fold, while the inflow grew by a meager 1.8%.

At the end of November 2018, the Central Bank of Armenia once again  revised downwardly the forecast for the growth of remittances of  individuals - from the previously expected 5-7% to the updated 1-3%.  The narrowed range of the forecast for the growth of private  transfers of the Central Bank led to lower than expected increase in  volume in the third quarter due to a new round of devaluation of the  ruble against the background of new US sanctions against Russia.  Moreover, the Central Bank did not rule out the likelihood of the  ruble devaluation tendency in the fourth quarter, which justified the  forecast for a slowdown in the growth of private transfers.

According to statistics from the Central Bank, in 2017, the flow of  transfers of individuals to Armenia increased by 14.6%, making $  1.757 billion. At the same time, the outflow of transfers increased  in 2017 by 25.6% to $ 1.026 billion. As a result, the net flow of  transfers in 2017 increased by 2, 1%, reaching $ 731 million. In the  inflow, Russia's share amounted to 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 an increase in outflow of 6,1%,  which increased the net inflow from Russia by 26.2%.