Friday, January 10 2020 00:04
Karina Melikyan

Outflow of private transfers from Armenia to the USA is growing  rapidly, while decreasing to Russia

Outflow of private transfers from Armenia to the USA is growing  rapidly, while decreasing to Russia

ArmInfo. Over the 10 months of 2019, the outflow of transfers of individuals increased by 24% per annum - to $ 1.2 billion, with an increase in inflows by only 8.8% -  to $ 1.6 billion. According to the Central Bank of Armenia, this  reduced the net inflow in y-o-y terms by 20.1% - up to $ 403.5  million.

Moreover, the inflow of transfers from Russia to Armenia for 10  months of 2019 decreased by 0.6% per annum with a decrease in outflow  by 17.5%, and in the direction of the United States, a moderate  increase in inflow was accompanied by a significant increase in  outflow - 29.8% against 65.4%. As a result, the net inflow of  transfers from Russia went up 12.9%, remaining at a positive level,  while from the United States, on the contrary, it turned in the  direction of decline - 3-fold, moving down to a minus level.

In the structure of inflow, the share of Russia decreased in annual  terms from 59.5% to 54.4%, which was also observed in the outflow - a  decrease in the share from 40.6% to 27%. Over 10 months of 2019, $  861.3 million was transferred from Russia to Armenia through  individuals' transfers, and $ 318.3 million flowed away to Russia. $  227.9 million was transferred from the United States through private  transfers over 10 months, and $ 251.5 million was transferred from  Armenia.

To note for comparison, that for 10 months of 2018, a similar  dynamics was observed: the outflow showed higher annual growth rates  - 22%, while the inflow grew by only 4.1%, which reduced the net  inflow by 18.4%. And even then, the growth in the inflow of transfers  from Russia slowed to 1.6% with an increase in outflows by 24.5%,  while the high growth rates of outflows and inflows to the United  States continued - by 13.5% and 21.3%, respectively.

The Central Bank of Armenia once again narrowed the forecast range  for the growth of the net inflow of private transfers for 2019 to  0-2%, against the previously worsened forecast range from 5-7% to  1-3%. But for 2020, the Central Bank predicts a recovery in the  growth rate of individuals' money transfers to 7-9%, due to the  positive growth trends in the Russian economy, from where the  dominant volume of private transfers comes to Armenia. At the same  time, the Central Bank improved its forecast for GDP growth for 2019,  establishing a range of 7-7.3% (against the previous 6.7-7.2%), which  was revised closer to the end of the year to 7.3-7.4%.

According to the statistics of the Central Bank, in 2018, the inflow  of transfers of individuals to Armenia slowed down the growth to 1.7%  from 14.6% in 2017, amounting to $ 1.786 billion. At the same time,  the growth rate of the outflow of transfers slowed slightly - from  21.2% in 2017 to 20, 1% in 2018, amounting to $ 1.188 billion. This  worsened the dynamics of the net inflow of transfers from 7.1% growth  in 2017 to 22.1% decline in 2018, forming at the level of $ 597.2  million. Russia's share in the inflow decreased in 2018 from 60.6% to  58.8%, and in outflow, on the contrary, increased from 38% to 39.7%. 

POST A COMMENT
Input digits     


News
Every year, Lori region loses $40 million due to untapped tourism  potentialEvery year, Lori region loses $40 million due to untapped tourism  potential
We are going round in circles: Aram Kocharyan on  current IT  situation in ArmeniaWe are going round in circles: Aram Kocharyan on  current IT  situation in Armenia
Net direct foreign investments in Armenia`s economy up Net direct foreign investments in Armenia`s economy up 
RA president signs laws nationalizing ENA CJSCRA president signs laws nationalizing ENA CJSC
Responsible innovations instead of offshores - CB Responsible innovations instead of offshores - CB 
Armenia, Uruguay to increase bilateral trade turnover Armenia, Uruguay to increase bilateral trade turnover 
Armenian vice-premier takes part in EEC Council`s meeting Armenian vice-premier takes part in EEC Council`s meeting 
Yerevan to host Black Sea Trade and Development Bank`s Annual Meeting  Yerevan to host Black Sea Trade and Development Bank`s Annual Meeting  
Solid Municipal Waste Management project launched in HrazdanSolid Municipal Waste Management project launched in Hrazdan
Armenian IT sector`s output developed as compared with other regional states - expert Armenian IT sector`s output developed as compared with other regional states - expert 
Lawyer on `legal terror` surrounding ENA Lawyer on `legal terror` surrounding ENA 
AraratBank participated in the WEPs regional experience-sharing workshopAraratBank participated in the WEPs regional experience-sharing workshop
1,507 trucks with apricots leave for Russia since beginning of summer 1,507 trucks with apricots leave for Russia since beginning of summer 
TechWeek transforms Vanadzor into an innovation hubTechWeek transforms Vanadzor into an innovation hub
In Q1 2025, unemployment rate in Armenia decreased to 13.9%In Q1 2025, unemployment rate in Armenia decreased to 13.9%
Moody`s upgrades Converse Bank`s ratingsMoody`s upgrades Converse Bank`s ratings
Armenia`s industrial sector is experiencing a significant  declineArmenia`s industrial sector is experiencing a significant  decline
Power generation in Armenia increased by 3.6% in a yearPower generation in Armenia increased by 3.6% in a year
Armenia`s State Revenue Committee proposes postponing payment of  road, environmental taxes, entry duties Armenia`s State Revenue Committee proposes postponing payment of  road, environmental taxes, entry duties 
46 trucks with Armenian brandy enter Russia 46 trucks with Armenian brandy enter Russia 
Expert: Armenia has every chance to become a key regional  hub for  innovative solutionsExpert: Armenia has every chance to become a key regional  hub for  innovative solutions
IDBank issues the 3rd, 4th and 5th tranches of bonds of 2025IDBank issues the 3rd, 4th and 5th tranches of bonds of 2025
ARMSWISSBANK Launches Mastercard World – A New Premium CardARMSWISSBANK Launches Mastercard World – A New Premium Card
Ministry of Economy: Compared to 2018, job numbers in Armenia  increased by 33.9%Ministry of Economy: Compared to 2018, job numbers in Armenia  increased by 33.9%
Illegal mining in Armenia`s Syunik causes AMD 63mln damage to public Illegal mining in Armenia`s Syunik causes AMD 63mln damage to public 
Rospotrebnadzor requested additional information from competent  authorities in Armenia regarding the reason for the ban of Eskimo ice  cream Rospotrebnadzor requested additional information from competent  authorities in Armenia regarding the reason for the ban of Eskimo ice  cream 
Pashinyan discusses steps for establishing a major AI data center in  ArmeniaPashinyan discusses steps for establishing a major AI data center in  Armenia
In June,  Armenia`s annual inflation rate increased to 3.9%  driven  by higher prices for food  and servicesIn June,  Armenia`s annual inflation rate increased to 3.9%  driven  by higher prices for food  and services
Armenian products to enter Cyprus and US markets: CIBRS announces National Warehouse program strategyArmenian products to enter Cyprus and US markets: CIBRS announces National Warehouse program strategy
European Investment Bank remains Armenia`s key partner in  infrastructure projects - MinisterEuropean Investment Bank remains Armenia`s key partner in  infrastructure projects - Minister
Armenian Parliament gives  Armenian Parliament gives  "green light" to nationalization of ENA
Armenia`s dividends from ZCMC $113mln since 2022Armenia`s dividends from ZCMC $113mln since 2022
Ardshinbank summed up the raffle organized for Mastercard Business cardholdersArdshinbank summed up the raffle organized for Mastercard Business cardholders
Armenia extends ban on export of scrap metal until Feb. 1 2026 Armenia extends ban on export of scrap metal until Feb. 1 2026 
62 trucks with Armenian brandy cross Russian border 62 trucks with Armenian brandy cross Russian border 
Armenia to fix tariff quota on individual types of goods imported  from Iran Armenia to fix tariff quota on individual types of goods imported  from Iran 
Narek Karapetyan: Almost all infrastructure companies, except for  ENA, have increased their tariffs for servicesNarek Karapetyan: Almost all infrastructure companies, except for  ENA, have increased their tariffs for services
EIB: Education is one of key areas of partnership between EU-Armenia EIB: Education is one of key areas of partnership between EU-Armenia 
Armenian Deputy Foreign Minister participates in  4th International  Conference on Financing for Development in SevilleArmenian Deputy Foreign Minister participates in  4th International  Conference on Financing for Development in Seville
Armenian Prime Minister, President of  Trafigura Group discuss  potential  cooperation  in mining sector  Armenian Prime Minister, President of  Trafigura Group discuss  potential  cooperation  in mining sector  
ADB to provide Armenia with EUR236 million for construction of  Sisian-Kajaran roadADB to provide Armenia with EUR236 million for construction of  Sisian-Kajaran road
Vassilis Maragos: EU willing to strengthen technological cooperation with Armenia through concrete stepsVassilis Maragos: EU willing to strengthen technological cooperation with Armenia through concrete steps
Ardshinbank at the Forefront of Digital Security: Sponsor and Participant of BugBounty 2025 EventArdshinbank at the Forefront of Digital Security: Sponsor and Participant of BugBounty 2025 Event
Armenia`s regulator  approved the sale of 100% of GNC-ALFA s shares  to Viva Armenia CJSCArmenia`s regulator  approved the sale of 100% of GNC-ALFA s shares  to Viva Armenia CJSC
 International Chamber of Commerce ready to assist Armenia in hosting COP-17 International Chamber of Commerce ready to assist Armenia in hosting COP-17
Armenia to extend ban on ferrous metal exportsArmenia to extend ban on ferrous metal exports
IDBank Opens a New Branch at Homplex MallIDBank Opens a New Branch at Homplex Mall
MONEYVAL experts to visit Armenia in September to assess work on money laundering control MONEYVAL experts to visit Armenia in September to assess work on money laundering control 
Goods traceability to be improved in Armenia Goods traceability to be improved in Armenia 
Vaharshapan and Khoi communities to be merged Vaharshapan and Khoi communities to be merged 
Armenian NA OKs ENA nationalization Armenian NA OKs ENA nationalization 
Viva celebrates 20th anniversary: Armenia`s high-tech industry  minister on reforms in Armenia`s telecommunication industry Viva celebrates 20th anniversary: Armenia`s high-tech industry  minister on reforms in Armenia`s telecommunication industry 
Economic diversification meets Armenia`s interests - Kaja Kallas Economic diversification meets Armenia`s interests - Kaja Kallas 
5.1% increase in number of jobs in Armenia 5.1% increase in number of jobs in Armenia 
AraratBank: Special Rate for SWIFT Transfers up to EUR 20,000AraratBank: Special Rate for SWIFT Transfers up to EUR 20,000
Team Telecom Armenia, Team Systems under one roof: new Team Place  smart solutions center  openedTeam Telecom Armenia, Team Systems under one roof: new Team Place  smart solutions center  opened
Armenian Parliament discussing  nationalization of Electric Networks  of Armenia CJSCArmenian Parliament discussing  nationalization of Electric Networks  of Armenia CJSC
Armenia values development of  cooperation with Denmark in  high  technology and renewable energyArmenia values development of  cooperation with Denmark in  high  technology and renewable energy
ArmSwissBank: First in Armenia to Publish a Climate Transition PlanArmSwissBank: First in Armenia to Publish a Climate Transition Plan
Ucom Launches 5G Network in Abovyan and EjmiatsinUcom Launches 5G Network in Abovyan and Ejmiatsin
Read more
Exchange rates
09.07.2025
RUB4.910.01
USD383.82-0.37
EUR449.11-1.47
GBP521.34-0.31
CAD280.24-1.11
JPY26.18-0.06
CNY53.46-0.08
CHF482.060.44