The outflow of money as private transfers from Armenia is gaining momentum

ArmInfo. In Q 1 2018, the outflow of transfers of individuals increased by 49% per annum to $ 273.4 million, with inflows increasing by only 14.5% to $ 358.3 million.  According to the Central Bank of Armenia, this reduced the net inflow in the annual section by 34.4% up to $ 84.9 million. Only for the first quarter of this year, inflow of transfers decreased by 31.3% with the outflow down 16.3%, which reduced net inflow by 56.5%.

Moreover, the inflow of transfers from Russia to Armenia grew much more modestly than the outflow in this direction - 22.1% against 53.1%. And the same situation is fixed in the direction of the US: with the inflow of 11.4%, the outflow increased by 28.8%.

In the structure of the inflow, Russia's share for the first quarter decreased from 61% to 56%, while in the outflow, on the contrary, it increased from 34% to 37%, against 53% and 36%, respectively, a year earlier.  From Russia to Armenia, through the transfers of natural persons, $ 201.7 million was received for the first quarter of 2018, and $ 101.3 million went to the Russian Federation. In the direction of the US, more than $ 48.8 million flows in the direction of private transfers, compared to $ 44.3 million.

By way of comparison, we note that in the first quarter of 2017 the inflow of transfers showed a similar annual growth rate of 14.5%, but the outflow increased by only 1.6%, which increased net inflow by 39.8%. At that time, the inflow of transfers from Russia increased by 20.7%, while the outflow decreased by 23.4%, but the outflow in the USA sharply jumped by 95.6% against this background, while inflows increased by a meager 2.2%.

According to the forecasts of the Central Bank of Armenia, the growth of money transfers by 7-9% is expected in 2018.

According to Central Bank statistics, in 2017 the inflow of transfers of individuals to Armenia increased by 14.6% to $ 1.757 billion (against a decline of 6.1% in 2016). At the same time, the outflow of transfers grew by 25.6% in 2017 to $ 1.026 billion (against growth of 7.4% in 2016). As a result, the net inflow of transfers in 2017 increased by 2.1% (against the decline of 12.8% in 2016), amounting to $ 731 million. In the inflow, Russia's share was 60.6% or $ 1.065 billion, and in the outflow - 34.5% or $ 354 million, compared to 58% and 40.8% a year earlier. The inflow of transfers from Russia increased by 18.7% in 2017 with an outflow of 6.1%, which increased the net inflow from Russia by 26.2%, which in comparison with the results of 2016, when the inflow of the inflow was 11.1% and growth outflows by 16.4% reduced the net inflow by 22.2%, indicates an improvement in the dynamics.