The Outflow of Money Transfers from Armenia Almost Doubled, Reaching $126.4 Million

In June 2019, the outflow of money transfers from Armenia increased nearly twofold compared to the same period last year, amounting to $126.4 million, while the inflow of funds from abroad decreased by about 1.4 percent. The Central Bank published the statistics for money transfers made by individuals from abroad and to foreign countries through Armenian banks as of June.

In June of this year, compared to June of last year, money transfers to Russia grew by 7 percent, while those to the United States increased by 2.4 times. The Central Bank clarifies that the increase in outflow is mainly due to the unprecedented continuous growth in the volumes of imported cars, as well as a significantly lower level recorded in June 2018, which fell short of the levels in the months preceding and following June.

During the observed period, the inflow of money transfers has decreased by about 1.4 percent. The net inflow—representing the difference between outflow and inflow—also decreased by 60 percent. In the first half of the current year, compared to the same period last year, the inflow of money transfers increased by 10 percent, while the outflow of funds from Armenia rose by 18.8 percent.