In October 2024, individuals received $556.8 million in money transfers through Armenian commercial banks. According to the country’s Central Bank, this figure is 2.5% higher than in the same month last year but 9.9% lower than in October 2022.
Compared to the previous month, the volume of money transfers to Armenia increased significantly by 38.6%. Meanwhile, the outflow of funds from the country amounted to $396.8 million, reflecting a 30.3% increase from the previous month but a 5% decrease compared to October last year.
The net inflow of money transfers in October reached $160 million, marking a substantial 64.6% increase compared to the prior month.
From January to October 2024, the total volume of transfers to Armenia exceeded $4.5 billion, while outflows amounted to $3.47 billion, resulting in a net inflow of $1.04 billion.
The majority of money transfers, both in October and throughout the January-October 2024 period, originated from Russia.
