Money Transfers from Armenia to Russia Decrease, Increase to the USA

Money transfers from Armenia saw a reduction of 24.2% in February, particularly declining towards Russia, while outflows to the USA experienced an increase. This information is detailed in the World Bank's economic development summary for Armenia published in April.

Net money transfers decreased by 63.3% (according to the National Statistical Committee), yet still surpassed the figures from the previous year nearly four times. 'The inflows from money transfers have contracted by 42.5% (NSSC), attributed to a 53.5% drop in inflows from Russia. Outflows were also down by 24.2% (NSSC), with a 5.9% decline recorded in outflows to Russia. Notably, outflows to the USA have risen by 139% (NSSC),' the summary states.