In the first quarter of 2024, the net inflow of money transfers from individuals to Armenia from abroad halved compared to the same period last year, amounting to $279 million.
According to the Central Bank of Armenia, the total inflow of money transfers from individuals to Armenia from abroad in January-March amounted to $1.2 billion, which is 23.2% lower than in the same period last year. During the reporting period, the total outflow of money transfers from Armenia amounted to $936 million, which is 9.1% lower than last year, resulting in a net inflow of $279 million.
The majority of money transfers to Armenia were made from Russia, with its share in the total inflow amounting to $795 million for the first quarter. The United States ranked second with $161 million, followed by Switzerland and Germany with approximately equal figures of $19 million.
The largest amount of money transfers from Armenia during the reporting period was sent to the United Arab Emirates, with individuals from Armenia transferring $177 million. The United States ranked second with $144 million, and Russia third with $138 million.
