EDB: individual money transfers to armenia drop by 18.2%

The inflow of cross-border money transfers by individuals from January to April 2024 amounted to $1.7 billion

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YEREVAN, July 29. /ARKA/. The inflow of cross-border money transfers by individuals from January to April 2024 amounted to $1.7 billion, according to a macroeconomic review published by the Eurasian Development Bank on Monday.

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Despite a year-on-year decrease of 18.2%, this figure remained historically high, similar to the levels seen in 2022 and 2023. Meanwhile, the outflow of remittances increased by 1.5%, reaching $1.3 billion, with the main destinations being Russia and the UAE. This led to a 54.5% year-on-year reduction in net cross-border remittances, the review noted.

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