CBA Deputy Governor: influx of labor migrants from India to Armenia  to have restraining impact in wage growth context 

ArmInfo. Since January 2023, a total of about 16 thousand labor migrants from India have arrived in Armenia. Deputy Governor of the Central Bank of Armenia (CBA) Armen Nurbekyan said, presenting a report on the country's macroeconomic environment at the Amundi-Acba Economic Forum 2024.

"This is a significant indicator that demonstrates high growth  rates," he noted.  However, according to the CBA Deputy Governor this  factor will have a restraining impact in the context of wage growth  in Armenia. "Because we have a large influx of low-wage labor," he  explained. 

In this regard, Nurbekyan reminded that a significant increase in  wages continued in Armenia during 2023, both quarterly and annually,  by about 10 percent.

Drawing a parallel between salaries in Armenia and India, he noted  that the situation was stable until 2021, but after this period the  difference doubled. "We are already connected to migration networks  because there is a strong economic motivation in the form of a  significant wage differential, which makes migration flows quite  flexible, and as a result we have a large flow of labor, which e.g.  is happening," he explained.

The second Amundi-Acba Economic Forum 2024 was held in Yerevan on  January 24, which brought together thought leaders, industry experts,  and innovators to explore and discuss critical topics shaping the  economic landscape.  Within the framework of the Forum, presentations  were made on the following topics: Amundi Investment View for 2024:  From Macro to Markets; Macroeconomic Developments in Armenia; AI and  ESG Talk; Panel Discussion: Artificial Intelligence for Sustainable  Finance:  Challenges and Opportunities.  The Forum was concluded by  an exclusive interview honored by the Governor of the Central bank of  Armenia Martin Galstyan, on the topic "Geopolitics in South Caucasus  and Economic Impact in Armenia."

Amundi-Acba Asset Management CJSC,  registered with the Central Bank  of the Republic of Armenia on November 19, 2013, operates within the  framework of the mandatory funded pension system introduced in  Armenia from January 1, 2014. The company manages three mandatory  pension funds having more than 417 billion assets under its  management as of December 30th, 2023.

The company's shareholders are the French Amundi, Europe's leading  Asset Manager with nearly 2 trillion Euros in assets under management  as of September 30th, 2023 and Acba Bank, being one of the largest  financial institutions in Armenia, represented throughout the country  with 65 branches.