ArmInfo.In terms of transfers arriving in Armenia, Russia continues to lead, but the United States is leading in terms of growth rates. Governor of the Central Bank of Armenia Martin Galstyan announced this on September 14 during a press conference. In particular, he explained that such an increase was due to the stimulus checks provided by the US government to its citizens, a large part of which are representatives of the Armenian Diaspora.
M . Galstyan noted that if there are packages that will be distributed among the states, where the number of counterparties connected with Armenia in economic terms is high, then naturally the volume of funds coming to the country from the USA will increase even more. At the same time, he said that in general, the growth of the inflow of transfers to Armenia is higher than the expected forecasts.
According to the forecast of the Central Bank of Armenia for 2021, updated in June, expectations for an increase in the net inflow of private transfers were improved to 15-18% (from the previously projected 7-9%). The Central Bank noted that the revitalization of the Russian economy and the gradual lifting of antiquated restrictive measures have restored seasonal labor migration, in connection with which a higher growth in remittances is expected. In parallel with this, according to the Central Bank's estimates, the significant activity of transfers from the USA will remain.
To note, according to the Central Bank of Armenia, the inflow of individual transfers to Armenia from the United States in H1 2021 increased by 84.5% (from a moderate 10.3% a year earlier), amounting to $ 260.1 million, along with which the trend of the outflow of transfers from Armenia to the United States turned from a 49.6% decline to 41.3% growth - to $ 92.3 million. As a result, the net inflow of transfers from individuals from the United States increased 2.2- fold- to $ 167.8 million. But the share of the United States in the inflow, even after increase to 27.4%, is much lower than the 40% share of Russia.
