ArmInfo. Money transfers from Russia to Armenia for 8 months of 2022 amounted to $1.9 billion. This is evidenced by the data of the Eurasian Development Bank.
According to these data, the volume of money transfers from Russia to Armenia showed an 3.5-fold increase compared to the same period last year.
In general, according to the Bank's analysts, cross-border money transfers from Russia will support this year the domestic demand of recipient countries, mainly the EAEU states, Tajikistan and Uzbekistan. The growth factors in the volume of remittances in dollar terms were the increase in the number of labor migrants in Russia, remittances from Russians themselves, as well as the revaluation of the Russian ruble against the dollar. In the first half of the year, 1.6-fold more labor migrants entered Russia than a year earlier, in particular, 2.-fold -from Tajikistan , 1.7-fold from Uzbekistan. According to national data Uzbekistan received 5.3 billion dollars from Russia,(81% of the total volume of transfers), which is 2.4- fold higher than last year. The share of remittances in GDP increased from 11.7% in 2021 to 18.5% in January-June 2022. In Kazakhstan, the volume of remittances from Russia amounted to $0.5 billion in January-August, which is 5.4-foldhigher than last year. Russian transfers to Kyrgyzstan grew more moderately (8.2%) against the background of other countries, approximately at the level of ruble appreciation against the dollar (5.1%), and amounted to $1.8 billion.
EDB analysts note the temporary nature of the rapid growth of cross-border transfers. According to the operational data of the countries, from July - August 2022, their volume has stabilized or started to decline.
