Money Transfers to Armenia: Economist

The Union of Banks of Armenia has published data on the money transfers to Armenia through the banking system for individuals by countries in 2022. The data reveals that the inflow of remittances increased by 2.5 times, or nearly $3 billion. The main donor countries included Russia, the USA, Germany, France, Kazakhstan, and others.

According to official statistics, from January to December 2022, 790,397 Russian tourists visited Armenia, which is 2.2 times more than the previous year. About 60,000 of these Russian tourists remained in Armenia, contributing to a sharp increase in money transfers from Russia.

The transfers from the USA, Germany, and France are attributed to the ongoing emigration. The volume of funds coming from Kazakhstan is mainly due to automobile trade.

Economist Suren Parsyan wrote this on his Facebook page.