Armenian Broker Earns Nearly 1 Billion Rubles Thanks to Russians in First Quarter: Forbes

The Armenian broker Armbrok has earned 4.5 billion drams (890.3 million rubles) in net profit in the first quarter of this year. Forbes reports this citing the broker's report.

Its net commission fees amounted to 2.9 billion drams (575 million rubles), compared to 33 million drams (5.5 million rubles) in the same period of 2022. The investment company reports that the influx of foreigners moving to Armenia, "especially from Russia," has driven the growth of the business.

As noted by Frank Media, the broker's performance last year was quite modest; for example, in the first quarter of 2022, the broker recorded a net loss of 20 million drams (3.3 million rubles). The investment firm's performance significantly improved starting in the summer—profits surged sharply between July and August of last year, reaching 1.3 billion drams (168.1 million rubles), almost 17 times more than in the second quarter.

According to reports from the investment company, the influx of foreigners moving to Armenia, especially from Russia, has been a catalyst for business development. The broker admits that due to the knowledge, experience, and networks of "experienced non-resident traders," it has gained "access to new markets and new types of commercial activities."

Money transfers from individuals in Russia through Armenia's banking system exceeded 1.2 billion dollars in the first quarter of 2023, which is five times the amount compared to the same period in 2022, when 239 million dollars were transferred from Russia to Armenia, Frank Media reported in May, citing data from the Central Bank of Armenia.