Remittances to Armenia Decreased by 40 Percent, CBA President

In the period from January to October 2023, there has been a 40 percent decrease in remittances to Armenia compared to the same time frame last year. This was stated by the President of the Central Bank of Armenia, Martin Galstyan, during a press conference.

When asked about the dynamics of the influx or outflow of relocated individuals, Galstyan responded that there are certain declines in the overall money transfers.

“Regarding the other segment of external demand, tourism, there is a slow increase in this area. In November 2023, tourism indicators have increased by merely 4 percent compared to November 2022. This means we have growth, but there is a notable slowdown in that growth,” the CBA president clarified.