Capital inflow to Armenia declines

In January-February 2025, Armenia experienced the inflow of human and financial capital. By February 2025, the number of tourists who visited our country decreased by nearly 10,000 compared to last year. It should also be noted that this figure dropped by about 15,000 in January 2025 compared to January 2024. Despite this downward trend, Russian tourists continue to make up the largest share of visitors, followed by those from Georgia and Iran.

It is important to note that this indicator does not primarily reflect classical tourist visits. Instead, these visits are interrelated with local activity, as well as with money flows to Armenia, which have also seen a decline. In particular, compared to January 2025, the inflow of funds transferred to Armenia through banks has decreased, while the outflow has increased.

The gap is much wider when compared to January 2024. The net inflow, which is the difference between inflow and outflow, has significantly decreased, indicating a reduction in foreign currency entering the market. All this, of course, has had and will continue to have its notable consequences.