According to the latest macroeconomic review by the Eurasian Development Bank (EDB), the outflow of funds from Armenia saw a significant surge in 2023.
Throughout January to December 2023, the inflow of cross-border transfers from individuals amounted to $5.7 billion, marking a 9.7% increase compared to the previous year. This influx remained at historically high levels, consistent with the trends observed in 2022.
The report highlights that in 2022, the inflow reached $5.1 billion, a substantial rise from the $1.9 billion average recorded annually between 2018 and 2021. However, by the end of 2023, the volume of outflow transfers increased by 55%, reaching $4.0 billion.
The primary destinations for the outflow were Monaco and the UAE, leading to a 36% decrease in net cross-border transfers compared to 2022.
