Money Transfers: Decrease to Russia, Increase to the US from Armenia

YEREVAN, APRIL 19, ARMENPRESS. In February, money transfers from Armenia decreased by 24.2 percent. Notably, outflows to Russia decreased, while outflows to the USA increased, according to the summary of the economic development of Armenia published by the World Bank in April.

Net money transfers dropped by 63.3 percent (yoy) in February but were almost 4 times higher than in the previous month.

"Money transfer inflows declined by 42.5 percent (yoy) driven by a 53.5 percent drop in inflows from Russia (Figure 2). Outflows also dropped by 24.2 percent (yoy), with a 5.9 percent dip in outflows to Russia. Notably, outflows to the USA grew by 139 percent (yoy)", the summary says.