ArmInfo.In Q1 2021, the inflow of transfers to Armenia increased in February-March, when labor migrants managed to go abroad to work. Executive Director of the Union of Banks of Armenia (UBA) Seyran Sargsyan stated this on May 19 during a press conference, stating that in Q1 2021, the inflow of transfers from individuals to Armenia increased by 14.7% per annum or $ 52 million, amounting to $ 406 million.
In this context, he said that the lion's share of funds sent to Armenia by individuals comes from the Russian Federation (154 million), followed by the United States ($ 118 million). Small amounts of funds came from Germany ($ 15 million), Kazakhstan ($ 13 million), France ($ 12 million), etc. At the same time Sargsyan informed that the growth was registered in the part of transfers sent from Armenia to a number of countries. In particular, $ 277 million was transferred from Armenia for the reporting quarter, with a y-o-y growth of 3.9%. The main countries, according to him, are the Russian Federation ($ 86 million) and the United States ($ 44 million), and much smaller volumes are accounted for by Ukraine, Kazakhstan, Germany, etc.
"Thus, the net inflow of transfers amounted to $ 129 million, which mainly includes the United States ($ 74 million), the Russian Federation ($ 68 million), Kazakhstan ($ 12 million)," he said.
