Increase in Outflow of Money from Armenia Driven by Unprecedented Rise in Vehicle Imports: Central Bank

In June of the current year, the outflow of money from Armenia compared to the same period last year nearly doubled, amounting to $126.4 million, while the volume of money transferred from abroad to Armenia decreased by about 1.4 percent.

The Central Bank has released statistics on the money transfers made through Armenian banks by individuals from abroad and conducted by individuals from Armenia for the month of June.

In June, the volume of money transfers to Russia increased by 7 percent compared to June of the previous year, while transfers to the United States surged by 2.4 times. According to the Central Bank, the increase in outflow is primarily attributed to the unprecedented continuous growth in vehicle imports, alongside a low level recorded in June 2018, which significantly lagged behind the levels of the months preceding and following June.

During the observed period, the volume of money transfers into Armenia reduced by about 1.4 percent, and the net inflow, which is the difference between the outflow and inflow, also decreased by 60 percent.

In the first half of the current year, compared to the same period last year, the inflow of money transfers increased by 10 percent, while the outflow of money transferred from Armenia rose by 18.8 percent.