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Remittances to Armenia dwindle

January 31 2025, 17:57

According to the World Bank’s monthly report on Armenia’s macroeconomic indicators (November 2024), remittances to Armenia have decreased, both from Russia and the United States.

The report says that in November 2024, compared to October, i.e., in monthly terms, the decline amounted to 14.3%, but in the case of the twelve-month cumulative indicator, the decline was 21.7%. The decline in the cumulative indicator is rather influenced by the base effect (high indicator observed in the same month of the previous year). However, the decrease compared to the previous month shows that flows are also decreasing in absolute terms.

It should be noted that the study of the data published by the Central Bank of Armenia demonstrates that remittances from both Russia and the United States have significantly decreased. By the way, these countries are mentioned as it is in these directions that the largest amount of remittance is made.

If we compare the cash flow for January-November 2024 with that of the same period in 2023, there is a decline compared to Russia and a slight increase with the United States. Accordingly, taking into account this factor, the decline of remittance flows from Russia has a big impact on the overall picture.