Individual money transfers to Armenia processed by local banks as of late September 2022 increased by approximately $1.9 bln or 125% from September 2021 to $3.5 bln, the Union of Banks of Armenia (UBA) said in a report.
According to it, the bulk of money transfers - $2.3bln – came from the Russian Federation. It was followed by the United States with $493mln, Germany -$54mln, France - $43mln, Kazakhstan - $38mln, UAE - $25mln, Spain - $12mln, Ukraine - $4mln, China - $3mln. Smaller amounts were remitted from other countries.
Individual money transfers from Armenia to other countries through the banks increased by $880 million or 101.4% from 2021 September to $1.7 billion.
Some $310 million were sent to Russia, $210 million to the United States, $157 million to the UAE, $77 million to Germany, $62 million to China, $37 million to Spain, $34 million to France, $18 million to Ukraine, $6 million to Kazakhstan.
As a result, the net inflow of money transfers was $1.7 billion, a growth of 156%, or $1 billion from the year ago. Russia ($2 billion), USA ($282 million), Kazakhstan ($32 million) and France ($9 million) provided the positive balance, ARKA reports.
