Economist: Outflow of remittances from Armenia to continue to grow in  2024

ArmInfo.There is a high probability that the inflow of remittances in 2024 will decrease by  about 15%, while the outflow will continue to grow. Economist Aghasi Tavadyan expressed a similar opinion on his Facebook page.

He noted that in 2023, the influx of transfers from individuals over  the year increased by 9.7%, against a 2.5-fold increase in 2022.  However, since mid-2023, as the economist noted, there has been a  sharp decline in the net inflow of remittances. At the same time,  Tavadyan drew attention to the fact that in 2023, 55% more funds came  out through banks via transfers than in 2022.

He also said that in 2023, 69.3% ($3.946 billion) of money transfers  from individuals through the banking system of Armenia came from the  Russian Federation, 11.6% ($663 million) from the United States.   According to the Central Bank, in 2023, the inflow of transfers from  individuals amounted to $5.696 billion, with an increase of 9.7% over  the year, outflow - 4.041 billion, with a y-o-y increase of 55%.