The Wave of Euphoria Has Passed: Diaspora Armenians Are Repatriating Their Capital

According to the newspaper "Zhamanak," many Diaspora Armenians who had transferred money to banks in Armenia and intended to establish their own businesses there have changed their minds and are once again withdrawing their funds from Armenian banks.

“The wave of euphoria has passed, and people have realized that the economic situation in Armenia is worsening day by day instead of improving. Under such circumstances, no one would risk their money. The formal reason was the closure of the Ministry of Diaspora, but the reasons for dissatisfaction are deeper, primarily the lack of freedom to engage in economic activities and the absence of independent courts,” says our source.

For more details, refer to today’s issue of the newspaper.