29.Jun .2021 22:30

Armenia's Central Bank Expects 15-17% Growth of Private Remittances this Year

Armenia's Central Bank Expects 15-17% Growth of Private Remittances this Year
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Armenia's Central Bank expects the amount of private remittances sent to Armenia from Russia and other countries largely by labor migrants to grow this year by an average of 15-17%, Chairman of the Central Bank Martin Galstyan said.

The previous forecast of the Bank was 7-9%. According to the Chairman, in the first months of 2021, the amount of private remittances was on the rise, reaching in some months more than 120%, ARKA reports. 
 
During that period private remittances from USA, which has a vast Armenian community, saw a significant increase.
 
"During the year, we expect also the remittances from the Russian Federation to show growth, as in March-April thousands of Armenian labor migrants traveled to Russia, which traditionally accounts for about 80% of all private money transfers sent to Armenia," Galstyan said.
 
He also noted that the volume of non-commercial money transfers in March increased by 145.6% and in April by 190%.
 
The Executive Director of the Union of Banks of Armenia Seyran Sargsyan noted earlier that private money transfers to Armenia in the first quarter of 2021 increased by 14.7% or $52 million to $406 million.
 
The bulk - about $154 million - came from Russia, which was followed by the United States - $118 million, Kazakhstan - $13 million, Germany - $15 million and France - $12 million.
 
Money transfers abroad from Armenia in the first quarter increased by 3.9% or $10 million to $277 million. Russia accounted for about $86 million, followed by the United States - $44 million. As a result, the net inflow of foreign exchange to Armenia in the first quarter amounted to $129 million.