Armenian Finance Minister Vahe Hovhannisyan presented data on the state of remittances to the country for the first half of 2024. The net inflow of remittances to Armenia decreased by 48.3%, the minister reported at a meeting of the parliamentary commission on financial, credit and budgetary issues on September 2.
A particularly noticeable decline is observed in transfers from Russia. Hovannisyan stressed that the net inflow of non-commercial remittances from this country fell by 69.4%, which was the largest negative contribution to the overall picture.
“This significant reduction in cash flows could have serious consequences for the Armenian economy. Remittances have traditionally been an important source of income for many Armenian families and play an important role in supporting domestic consumption.” — The business portal bm.ge writes about this.
The total volume of remittances to Armenia in the first six months of 2024 amounted to $2.52 billion, an increase of 13.7% compared to the same period last year.
The bulk of remittances to Armenia come from just two countries: Russia and the United States, which together provide 78% of all transfers.
