The Number of Those Leaving Armenia for Work in Russia Decreases: Central Bank President Notes Reasons

The number of individuals leaving Armenia for work in Russia has significantly decreased. This was stated by the President of the Central Bank of Armenia, Martin Galstyan, during a meeting with journalists.

According to him, this is primarily due to the fact that the differences in real salaries have decreased significantly both in Armenia and Russia. “Our labor migrants receive salaries in Russian rubles, which have appreciated considerably. When converted to Armenian dram, the salary approximately equals what a person can earn in Armenia, for example, in the construction sector,” noted Galstyan.

He observed that our citizens are increasingly preferring to seek employment within our country. He also informed that next year, during the season when migrant flows typically begin, they plan to conduct a survey among Armenians leaving for work abroad.

“The survey will be twofold: we want to understand the motivations behind their decisions to leave or stay. Additionally, we need to comprehend how the monetary flows to Armenia are transferred. It is becoming increasingly complicated to send remittances to our country. Have our citizens changed their behavior regarding this, since at one point we reached a 100% level of remittances, as they were convenient and cheap? Meanwhile, against the backdrop of Western sanctions, it appears that people still prefer to bring cash home,” stated Galstyan.

It is noteworthy that earlier this year, in April, the Central Bank President reported a decline in the absolute volume of remittances from Russia to Armenia. During the January-March period of this year compared to the same timeframe last year, the net inflow of remittances decreased by approximately 50%, while non-commercial transfers dropped by about 55%.