ArmInfo. The net inflow of private transfers to Armenia decreased by 36% in 2023, in absolute terms it decreased from $2.6 billion to $1.7 billion. As evidenced by the dynamics of 2022, this figure showed an unprecedented threefold increase.
According to data from the Central Bank of the Republic of Armenia, in 2023 the main decrease in the growth rate of net inflows was from Russia - from 6.8-fold to 5.1%, and net inflows from the United States accelerated in decline from 12.3% to 42.2%.
Thus, in 2023, the inflow of transfers from all countries slowed down in growth from 2.5-fold to 9.7%, amounting to $5.7 billion. Such a trend was observed in a less pronounced form in the outflow of transfers. Their growth stalled from 2.1-fold to 55%, exceeding $4 billion in absolute terms. Moreover, a double-digit identical increase in the outflow of remittances from Armenia by 42% was recorded both in the direction of Russia and in the direction of the United States, against growth of 12.7% and 73.4%, respectively, in 2022. According to the Central Bank of the Republic of Armenia, in 2023, the inflow of remittances from Russia to Armenia amounted to $3.9 billion (with growth slowing from 4.2-fold to 9.7%), the outflow was $641.4 million, which formed a net inflow of $3.3 billion. And in the US direction, the inflow amounted to $663.3 million (with a reversal of dynamics from 15.6% growth to a 1.1% decline), outflow - $465.1 million, resulting in a net inflow of $198.2 million.
As a result, Russia's share of inflows in 2023 did not change, remaining at 69.3% (versus 41% in 2021), while decreasing in outflows from 17.4% to 15.9% (versus 32.8% in 2021). The share of the United States decreased both in inflows - from 12.9% to 11.6%, and in outflows from 12.6% to 11.5%, against 27.5% and 15.4% in 2021.
The significant increase in transfers from Russia in 2022 was due to the influx into Armenia of a huge number of immigrants from the Russian Federation, who moved here along with their businesses and capital. Moreover, this move of over 100 thousand immigrants to Armenia took place in two impressive waves - from the end of February 2022 (with the outbreak of Russia's war in Ukraine) and in September of the same year (with the announcement of mobilization in the Russian Federation). The influx of immigrants was also due to unprecedented sanctions - disconnection of Russia from the S.W.I.F.T. system, withdrawal of Visa and MasterCard from the market, blocking of Western social networks, etc.).
