ArmInfo. In Q1 2025, the net inflow of private transfers to Armenia decreased by 48.4% per annum (compared to a decline of 49.6% the previous year), totaling $143.6 million. Specifically, the inflow increased by 4.7% to $1.3 billion, while the outflow rose by 20.5% to $1.1 billion, according to data from the Central Bank of the Republic of Armenia.
Moreover, the dynamics of non-commercial transfers show different directions for inflow and outflow. The inflow increased by 2.1% (to $230.2 million), while the outflow decreased by 15% to $98.9 million, resulting in a 20.3% increase in net inflow to $131.3 million. According to the source, the largest volume of transfers comes to Armenia from Russia ($819.6 million), and flows out to Switzerland, the UAE and the USA (a total of $573.5 million). In the first quarter, the primary inflow of transfers from Russia amounted to $819.6 million (annual growth of 3.1%). The USA followed in second place with $157.7 million (annual decline of 2.1%),. The UK ranked third with $33.6 million (annual growth of 81%). Switzerland comes in forth with $26.5 million (annual growth of 37%) and the UAE ranked fifth with $24.3 million (annual growth of 49%).
Switzerland led the outflow of transfers from Armenia with $234.4 million (annual growth of 2.7 times). The UAE followed in second place with $169.99 million (annual decline of 4%). The USA ranked third with $169.1 million (annual growth of 17.3%). Russia came in forth with $154.2 million (annual growth of 11.5%), and the UK ranked fifth with $36.7 million (annual growth of 81%).
Russia's share has slightly decreased over the year both in the inflow from 65.4% to 64.4%, and in the outflow - from 14.8% to 13.7%. The UAE's share in the inflow is still minor, increasing from 1.3% to 1.9%, while in the outflow it has decreased from 18.9% to 15.1%. The US share decreased in both the inflow from 13.3% to 12.4%, and in the outflow from 15.4% to 15%. Switzerland's share in the inflow did not increase much, going from 1.6% to 2.1%, but in the outflow it jumped from 9.4% to 20.8%. The UK's share increased in both the inflow - from 1.5% to 2.6%, and in the outflow jumping from 2.2% to 3.2%. For comparison, a year ago Russia was again the leader in the inflow of transfers, with the lead in the outflow passing to the UAE. Experts attribute this shift to "gray deals" with gold and diamonds, as the UAE was then the main re-exporter of these precious metals and stones, with re-imports coming from Russia.
Customs data indicate that the lion's share of diamonds and gold imported from Russia are then primarily exported to the UAE. Thus, in the first half of 2024, Russia accounted for 77% of diamond imports and 99.7% of gold imports, with the UAE being the main export destination (77% diamonds and 64% gold). While the final customs data for the entire 2024 has not yet been released, it is highly probable that the trend will continue. This pattern began to emerge towards the end of 2023, with 46.7% of diamonds and 99.2% of gold coming from Russia and being mainly exported to the UAE (84.6% diamonds and 71.4% gold).
