Private money transfers sent to Armenia from abroad via banks in the first quarter of 2023 tripled from the first quarter of 2022 to about $1.6 bln, according to a Central Bank report.
In January 2023 alone, private money transfers sent to Armenia from abroad upped to $386.1 million from $127.9 million in January 2022.
In February they soared to $713.9 million from $180.1 million in February last year, while in March 2023 the money transfers grew to $482.4 million from $252.6 million in March 2022.
Money transfers from the Russian Federation amounted to $1.2bmillion compared to about $239 million in the first quarter of 2022, an increase of more than 5 times.
Money transfers from the United States to Armenia in January-March 2023 totaled $143.4 million, compared to $142.9 million in the first quarter of last year.
Private money transfers from Armenia through the banking system exceeded $1 bln, up from $370.4 mln in the first quarter of last year.
In January 2023, money transfers from Armenia abroad grew to $215.9mln from $87.4mln in January 2022. In February they were up to $381.8mln from $124mln in February last year and in March they surged to $431.6mln from $158.9mln in March 2022.
Money transfers from Armenia to the Russian Federation in January-March this year totaled $140mln, against $120.7mln in the same period last year, and money transfers from Armenia to the United States totaled $95mln against $60.7mln.
Thus, the balance in the first quarter amounted to $553.2 million versus $190.3 million in January-March 2022, ARKA reports.
