The net inflow of cross-border transfers for individuals to Armenia through the local banking system decreased by more than three times in January-February 2024.
According to the report of the Central Bank of the Republic, during this period, the net inflow amounted to $153.9 million, compared to $502.3 million for the first two months of 2023.
At the same time, the total inflow of cross-border transfers for individuals to Armenia for January-February 2024 amounted to $771.2 million, compared to $1.1 billion for the same period in 2023.
Russia, the USA, and the United Kingdom remain the top three leaders in terms of transfer volume to Armenia for the first two months of 2024. Russia ranks first with transfers amounting to $513.5 million, the USA is second with $101.1 million, and the United Kingdom is third with $12.2 million.
It is noted that the outflow of transfers by individuals from Armenia abroad also increased for the first two months, reaching $738.4 million compared to $597.3 million for the same period last year.
In terms of transfers from Armenia abroad, the UAE, the USA, and Russia lead the way. The UAE ranks first with transfers amounting to $109.5 million, the USA is second with $102.4 million, and Russia is third with $73.6 million.
