Armenian private citizens receive $23,700,000,000 in foreign remittances, other non-commercial transactions 2004-2017

YEREVAN, JULY 30, ARMENPRESS. According to the Central Bank of Armenia, 23,700,000,000 dollars have been transferred from abroad to private individuals (natural persons) in 2004 – 2017.

18,200,000,000 dollars out of the total sum were non-commercial transactions, i.e. remittances.

The Cenbank said it uses comparable methodology in the data collection, which provides high accuracy.

The average annual inflow of total transactions in the reporting period amounted to nearly 1,7 billion dollars, with an average annual growth pace of 6,6%.

In terms of remittances, the inflow amounted nearly 1,3 billion dollars, with a 5,4% pace of avenge annual growth.

In the same period, private citizens transferred 11,6 billion dollars abroad, 3,6 billion of which were non-commercial transfers. The average annual outflow amounted 800,000,000 dollars, and the average annual growth pace was 5,8%.

The outflow for non-commercial transfers amounted nearly 300,000,000 dollars, with a 4,4% average annual growth pace.

Edited and translated by Stepan Kocharyan