2022 Transfers from Russia to Armenia Set Record Levels

2022 saw record levels of money transfers to Armenia from Russia, amounting to approximately $2.5 billion. This was stated today during a press conference by the President of the Central Bank of Armenia, Martin Galstyan.

According to the data presented by the Central Bank's president, Russia ranks first in terms of transfer volume, followed by the United States and other countries.

“The first country is Russia, accounting for about 71 percent, with the United States in second place, and other countries in third. Other countries represent a cumulative total from nations that contribute relatively small amounts in transfers. I won't specify the volume from the United States, as Russia makes up 71 percent of the total transfer volume,” Galstyan noted.

It is important to mention that traditionally, Russia has been the leading source of money transfers to Armenia, consistently contributing around 60% of the total. From 2020 to 2021, about $850 million per year was transferred from Russia to Armenia.