ArmInfo.The net inflow of private transfers to Armenia in January-July 2024 accelerated in an annual decline from 8.7% to 26.4%. In absolute figures it decreased from $1.03 billion to $758.7 million. Additionally, for non-commercial transfers, the decline in net inflow accelerated from 33% to 47%, dropping from $575.6 million to $306.1 million. The share of the latter in the total net inflow decreased over the year from 56% to 40% compared to 76% in 2022.
This is evidenced by data from the Central Bank of the Republic of Armenia. The deterioration in the dynamics of transfers was observed in both direction" towards Russia, the net inflow shifted from a 45.3% growth to an 18% decline, and towards the United States, the net inflow slowed down in the decline from 50% to 37.3%. This resulted in a net inflow of transfers from Russia at the end of January-July 2024 amounting to $1.6 billion and from the United States at $71.6 million. In particular, the inflow and outflow of transfers towards Russia decreased by 17% and 12%, respectively compared to growth of 50% and 75% the previous year, while in the direction of the United States, both indicators demonstrated an upward trend: the inflow increased from a 2% decline to 6% growth, and the outflow growth rate slowed from 70% to 25%.
As a result, Russia's share in both inflow and outflow decreased, while the United States share increased. Thus, Russia's share in the inflow decreased from 71.3% to 65.2% over the year, thereby returning to the level of the same period in 2022 (64.6%). In the outflow, Russia's share remained at 17.4% for two years, but then it decreased to 15.5%. At the same time, the US share in both inflow and outflow, which was 11.1%, a year, has now increased to 13-14%, surpassing the 2022 level in terms of outflow (11.4%), and almost reaching the inflow level (15.4% in 2022). Breaking down the annual the annual dynamics of transfers from all countries into inflow and outflow, the trend shows a worsening in the inflow from 36% growth to a 9% decline, and in the outflow from 74% growth to a stagnant 0.8% decline.
As a result, total inflow volume in January-July 2024 was $3.01 billion (including $564.1 million of non- commercial nature), while the outflow was $2.3 billion (including $258 million of non-commercial nature). Non-commercial transfers lingered in decline along the inflow line with an acceleration in rates from 24% to 32%, while along the outflow line, they slowed in growth from 13% to 4%. It should be noted that in 2023, transfers from all countries totaled $5.7 billion with a growth rate slowed from 2.5 times to 9.7% for inflow, and the outflow - $4 billion (growth slowed from 2.1 times to 55%), forming a net inflow of $1.7 billion. A strong slowdown in growth was recorded both in the inflow - from 2.5 times to 9.7%, and in the outflow - from 2.1 times to 55%, which worsened the dynamics of the net inflow from an unprecedented 3-fold growth to a 36% decline. In 2023, Russia's share in the inflow remained at 69.3%, but decreased in the outflow to 15.9%, while the US share decreased in both inflow and outflow to 11.6-11.5%.
