Money transfers grow in Armenia, says cenbank

11:58, 16 May, 2022

YEREVAN, MAY 16, ARMENPRESS. Despite the drop in remittances (money transfers made to Armenia by seasonal workers abroad), the total transfers have increased compared to the previous year at the expense of the significant transfers made by “international visitors”, the Vice Governor of the Central Bank of Armenia Hovhannes Khachatryan said at the parliamentary committee on financial-credit and budgetary affairs.

He reminded that in the beginning of the year the Central Bank projected a decline in money transfers, including 50% drop from Russia.

“We’ve divided the transfers into two parts now. We see that the non-commercial transfers, meaning the money sent by seasonal workers, have dropped, at the same time the transfers made by international visitors grew, they are also making transfers to Armenia in various ways, including transfers made by themselves to their name. There is growth in terms of the sum compared to 2021,” Khachatryan said.

He said these transfers have significantly impacted the overall dynamics.

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