The amount of private money transfers sent to Armenia from abroad increased by about $155 million or 38.2% in the first quarter of 2022 compared to the same time span of 2021 to $561 million, according to the Union of Banks of Armenia (UBA).
The bulk of money transfers - $239 million- was sent from the Russian Federation, which was followed by the United States with $143 million and France with $17 million.
Some $15 million were sent from Germany, $11 million from Kazakhstan, $7 million from the UAE, $3 million from Ukraine and $2 million from Spain.
Money transfers abroad from Armenia in the first quarter of 2022 increased by $97 million or 35%, from the same time period of 2021 amounting to $374 million.
Some $124 million were remitted to Russia, followed by the United States with $61 million and the UAE with $24 million. The latter was followed by China with $15 million, Germany with $11 million and other countries with much smaller amounts.
As a result, by the end of March this year, net currency inflow to Armenia amounted to $187m, having increased by $58m or 45% from the first quarter of 2021. Some $115 million in net money transfers came from Russia and $82 million from the U.S, ARKA reports.
