In January-July 2020, the volume of remittances received from abroad in the name of individuals in Armenia decreased by 15.3% compared to the same period last year. The biggest decrease in the volume of transfers was recorded from Russia – 28.2%. This is stated in a report circulated today, September 9, Center for Economic Development Initiatives (Yerevan), reports information, and analytical portal VERELQ.
In absolute figures, the decrease in the volume of remittances amounted to $ 893.3 million.
At the same time, the outflow of transfers from the republic also decreased during the reporting period – by 20.3% ($ 622.4 million).
The volume of financial receipts from the USA to individuals in Armenia increased by 22.1%.
The Center explains this state of affairs by the fact that the volume of remittances largely depends on the number of people going to work abroad (mainly to Russia), and in the case of the United States, we are talking about the large Armenian diaspora in that country.