According to the World Bank's "Armenia Monthly Economic Update – September 2024" report, significant changes are being observed in Armenia's remittance flows.
In July of this year, there was a noticeable drop in net non-commercial remittances, mainly due to a 23.1% decrease in inflows.
The situation with remittances from Russia is particularly striking. Compared to the same period last year, inflows from Russia decreased by a staggering 42% in July. However, it is worth noting that there was a slight increase compared to the previous month. Amid this decline, remittances from the U.S. showed positive dynamics, growing by 8.8%.
Interestingly, the volume of remittances sent from Armenia has also increased, particularly to the United Kingdom and the U.S. This has contributed to an overall reduction in net inflows into the country.
Positive trends are also evident in Armenia's banking sector. According to the same source, in July, deposits in commercial banks grew by 1.6%, while the volume of loans issued increased by 2%.
According to the Central Bank of Armenia, in July, the net inflow of non-commercial funds from abroad to Armenia amounted to $89.8 million.
