YEREVAN. – The Center for Economic Development Initiatives has looked into the dynamics of remittances to and from Armenia, in the first quarters of 2018 and 2019.

Accordingly, remittances to Armenia in the name of individuals—and through the banks of the country—have increased by about 9.3% and made up $391.47mn in the first quarter of 2019, as compared to the same period in 2018. But remittances from Russia fell 3% and totaled 49.98%, whereas remittances from other countries increased 23.3%, and in the case of US—by 29.7%.

During the study period, remittances from Armenia to other countries went up 4.83% and amounted to $286.62mn. But since the remittance inflows exceeded the outflows, the net inflows were positive and totaled $104.84mn, which is up 23.51% from the previous year.  

Thus, remittances to Armenia have increased during the observed period.

The inflow of remittances has been accompanied by a larger outflow of remittances, and this may lead to a decline in Armenia’s economic activity in the medium term.