ArmInfo.The 16th of June is celebrated around the world as International Day of Family Remittances.
The purpose of celebrating this date is to recognize the significant financial contributions made by more than 200 million migrant workers to ensure the well-being of about 800 million of their family members and to the sustainable development of their homeland. Half of these financial flows go to rural settlements, for the development of which transfers are most important. Migrants make a significant contribution to the economies of the countries where they work (about 40) and the countries where their family members live (about 125). This is stated in the statement of the press service of the Union of Banks of Armenia.
World Bank's report, published in May 2021, noted that in 2020 transfers decreased by only 1.6% - to $ 540 billion from $ 548 billion in 2019. 2020 was a turning point in terms of improving the methods of conducting money transfers; in particular, there was a rapid introduction of digital technologies and their massive use by labor migrants and their families. With the constraints of the pandemic, mobile and online transfers have contributed to an increase in remittance flows. In 2020, they grew by 65% and reached $ 12.7 billion. This trend was also picked up by Armenia, where in 2020, due to the coronavirus pandemic and hostilities, there was a decrease in remittances from abroad, but in January-April 2021, transfers began to grow. In particular, the inflow increased by 29.1% - to $ 573 million, while the outflow grew by 11.8% - to $ 370 million, as a result of which the net inflow of transfers from individuals increased by 79.6% - to $ 203 million
