In April 2024, individuals received approximately $457.7 million in remittances through commercial banks in Armenia, which is 1% less than the same month last year. However, compared to April 2022 and April 2021, the volume of remittances increased by 1.5 and 2.7 times, respectively.
According to data from the Central Bank, the volume of remittances to Armenia in April 2024 increased by 3.2% compared to March.
At the same time, the outflow of remittances by individuals through commercial banks in Armenia amounted to $408.7 million in April, 28.2% more than in March and 1.4 times more than in April last year.
The net inflow of remittances to Armenia, representing the difference between inflows and outflows, amounted to about $49 million in April 2024, which is 2.5 times less than the previous month.
Earlier, the Chairman of the Central Bank of Armenia Martin Galstyan reported a decrease in the country's economy's dependence on private remittances from abroad.
At a press conference on June 3, where the 2023 Financial Stability Report was presented, Galstyan noted that the share of remittances in Armenia's GDP had significantly changed. More than 10 years ago, this share reached about 18%, while in 2023 it had significantly decreased.
