Why Russian and Kazakh Banks Refuse to Transfer Money to Armenia

According to 'Zhoghqovurd' newspaper, citizens have been calling to report issues with their relatives being unable to send money from Russia to Armenia. Local banks are denying the residents, citing that remittance to Armenia has been temporarily prohibited.

This issue is also present for those attempting to send money from Kazakhstan. During a conversation with journalists, Arthur Javadyan, the head of the Central Bank of Armenia, stated that there are no obstacles in Armenia related to receiving money from Russia or Kazakhstan. He mentioned that the problem pertains to the local banking system.

However, the 'Zhoghqovurd' newspaper learned that the reason for these refusals is due to potential fluctuations in the foreign exchange market in Kazakhstan. This means that the Kazakh tenge is depreciating against the US dollar. Certain banks in the country, unwilling to withdraw dollars, are refusing to carry out money transfers. According to Kazakh economists, the root cause of this situation is actually linked to US President Donald Trump's trade war with China, which has reflected on oil prices, recording a decline of 7 dollars. Against this backdrop, the Russian ruble has depreciated by 2 percent, further impacting the tenge.

For more details, refer to the newspaper's current issue.