YEREVAN, August 1. / ARKA /. A total of $23.7 billion were remitted to Armenia in 2004-2017 as individual money transfers through the banks, of which $18.2 billion were money transfers for non-commercial purposes, the Central Bank of Armenia said.

The average amount of annual remittances stood at $1.7 billion, while the average annual growth was 6.6%. At the same time, the average annual inflow of remittances for non-commercial purposes only amounted to about $1.3 billion, growing on average by 5.4%.

According to the Central Bank, in 2004-2017 over $11.6 billion were remitted abroad by physical persons from Armenia, of which $3.6 billion for non-commercial purposes. The average annual outflow of money for the reporting period was $0.8 billion with an average annual growth of 5.8%. The average annual outflow of remittances only for non-commercial purposes was about $0.3 billion, growing by 4.4%.

According to the Central Bank, money transfers to Armenia in 2017 amounted to $1.756.4 billion (an increase of 14.5% from the previous year), and the outflow was $1.024.9 billion (an increase of 25.4%). As a result, the net inflow of remittances was about $731.5 million (an increase of 2.2%). ($ 1 - 480.82 drams). -0-