Money transfers to Armenia in 2021 upped 14.6% to $2.109 billion

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17.Feb .2022 11:00

Money transfers to Armenia in 2021 upped 14.6% to $2.109 billion

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Individual money transfers sent to Armenia largely by migrant workers in 2021 through the banks grew by approximately $268 million or 14.6% when compared to the previous year, to $2.109 billion, according to the Union of Banks of Armenia (UBA).

The largest amount of money transfers -$866 million- was sent from the Russian Federation. It was followed by the United States with $580 million, Kazakhstan with $89 million, China with $78 million, Germany with $67 million and France with $56 million, ARKA reports.

Money transfers made from Armenia to other countries decreased by about $41 million or 3.2% from 2020 to $1.226 billion.

The largest portion -$402 million- was sent to Russia, which was followed by the U.S. - $189 million and China - $78 million.

As a result, the net foreign currency inflow to Armenia in 2021 amounted to $883 million, an increase of $309 million or 53.8% from 2020.

Money Transfers Remittance Immigrants