There is a considerable share of commercial transfers in remittances. They are particularly intended for business purposes, Nurbekyan, Director of the Macroeconomic Department of the Central Bank of Armenia, said at a press conference in Yerevan on Tuesday. According to the representative of the CB, this is indirectly confirmed by the statistics on foreign trade between Armenia and Russia, which has considerably increased as well. According to him, the lion's share is accounted for commercial transfers.

"It is still difficult to fully understand these processes, but our evaluation is that both non-commercial and commercial transfers are responsible for the growth. However, it is mostly caused by the latter," Nurbekyan said.

In the first 9 months of 2022, about $1.7 billion was transferred to Armenia as part of remittances.  "This is higher than the same indicator of the previous year by as much as 155%," said the Director of the Macroeconomic Department.