Armenian Companies Bringing Labor from Other Countries, Says CBA President

Wages are rising in Armenia, unfilled vacancies persist, and unemployment is not decreasing. This was discussed today at a press conference by the President of the Central Bank of Armenia, Martin Galstyan.

“We are already hearing anecdotal stories that Armenian companies are beginning to bring in foreign workers to meet their needs. There is a sufficiently high level of wages in the construction sector and in trade and services, which essentially encourages Armenian companies to fill this gap with labor from other countries,” said Galstyan.

According to him, the Central Bank is monitoring these phenomenal developments, while noting that a situation of overheating still persists in the Armenian labor market.

Official data indicates that in September of this year, 10,037 new jobs were registered in Armenia. The average salary in Armenia, as of September 2022, has increased by 35,769 drams compared to September of the previous year.

This rise in employees and wages is attributed by many experts in Armenia to the influx of Russian relocants. It is known that due to the Russian-Ukrainian crisis and Western sanctions, many Russian citizens have moved their businesses to Armenia, including registering in the Armenian labor market and banking system.