ArmInfo. The net inflow of private transfers to Armenia in January-July 2026 posted substantial annual growth of 2.6 times (following a 5.5% decline a year earlier), amounting to $1.9 billion. At the same time, the net inflow of non-commercial transfers increased by 25.1% (almost the same as a year earlier - 25.9%), reaching $482.1 million. The share of the latter in the total net inflow decreased to 26% (after rising a year earlier from 40% to 54%). This is evidenced by data from the Central Bank of the Republic of Armenia.
Broken down into inflows and outflows, the annual dynamics of transfers from all countries were as follows: inflows accelerated in growth from 9.3% to 36%, while outflows, on the contrary, slowed from 14.2% to 1.3%. As a result, inflows in January-July 2026 reached $4.5 billion (including $767.1 million in non-commercial transfers), while outflows amounted to $2.6 billion (including $285 million in non-commercial transfers). Moreover, non-commercial transfers on the inflow side accelerated in growth from 13.2% to 20.2%, while on the outflow side they emerged from a 2% decline to 12.6% growth.
According to the source, the largest volume of transfers continues to come to Armenia from Russia ($3.1 billion), while flowing out to the United States and the UAE (a combined $772 million). At the same time, the inflow of transfers from European countries has intensified considerably, but the top five by volume include the United Kingdom and Germany (a combined amount of over $185 million).
Thus, the leading inflow of transfers from Russia amounted to $3.1 billion in January-July (annual growth accelerated from 7.8% to 46.6%), followed by the United States - $468.3 million (with annual growth accelerating from 2% to 18.2%), the UAE - $117.5 million (annual dynamics shifted from a 16.6% decline to twofold growth), the United Kingdom - $116.3 million (annual dynamics shifted from 2.5-fold growth toward a 5.3% decline), and Germany - $68.6 million (annual growth accelerated from 6.2% to 26%).
The United States leads in terms of transfers outflow from Armenia - $408.7 million (annual growth accelerated from 7.1% to 20.4%), followed by the UAE - $363.3 million (annual decline accelerated from 3.2% to 4.6%), and Russia
- $337.6 million (annual dynamics shifted from 20.1% growth toward a 19.5% decline), Switzerland - $221.8 million (annual dynamics shifted from 2.5-fold growth toward a 42.7% decline), and Spain - $120.6 million (annual growth slowed from 29.7% to 11%).
Russia's share of inflows over the year increased from 64% to 69%, while its share of outflows decreased from 16% to 13%. The United States' share of inflows decreased from 12% to 10%, while its share of outflows increased from 13% to 16%. The United Kingdom's share of inflows decreased from 4% to 3%, while remaining at 4% in outflows.
The UAE's share of inflows increased from 2% to 3%, while its share of outflows continued to decline, from 15% to 14%. Germany accounts for 2% of inflows and 3% of outflows. Switzerland's share of inflows decreased from 2% to 1%, while its share of outflows declined more noticeably, from 15% to 9%. Spain's share of inflows stands at 1%, while its share of outflows increased from 4% to 5%.
It is noteworthy that the highest growth in transfer inflows was recorded in the direction of Turkey (2.4 times), but their volume remains far from the leaders. The largest growth in transfers outflow from Armenia was recorded toward Ireland, Singapore, Hong Kong, Kazakhstan, France, Cyprus, Luxembourg and Georgia (2.6-1.5 times), among which Georgia and France are close to the top five by volume. As for non-commercial transfer inflows, Liechtenstein, Latvia and Singapore posted the highest growth (4.1-2.2 times), while in terms of their outflows, the leaders were Liechtenstein, Singapore, Italy and the United Kingdom (45-1.5 times), of which only the United Kingdom ranks among the top five by volume.
It should be noted that in 2025, transfers inflow to Armenia from all countries amounted to $5.98 billion (including $1.2 billion in non-commercial transfers), while outflow amounted to $4.3 billion (including $452.8 million in non-commercial transfers), with the former maintaining growth at 2.4% and the latter's growth slowing from 7% to a stagnant 0.3%. As a result, the net inflow of private transfers to Armenia in 2025 shifted from a 9% decline to 8.6% growth, exceeding $1.6 billion. Moreover, non-commercial transfers, also reversing the annual trend in net inflows from a 35% decline toward 25% growth, reached $714.1 million. The share of the latter in the total net inflow increased in 2025 from 38% to 44% (compared with 53% in 2023 and 67% in 2022).
Russia's share of inflows in 2025 remained unchanged at 65%, while its share of outflows edged up from 16% to 17%. The UAE's share of inflows remained at 2%, while its share of outflows decreased from 20% to 15%. The United States' shares of both inflows and outflows remained unchanged in 2025 - 12% and 14%, respectively. The United Kingdom's share of inflows increased over the year from 2% to 3%, while remaining at 4% in outflows, and Switzerland's share of outflows increased from 11% to 12%, while remaining at 2% in inflows.
