YEREVAN, May 26. /ARKA/. The net amount of individual money transfers sent to Armenia in the first quarter of 2020 decreased by 16.7% to $87 million, the Executive Director of the Union of Banks of Armenia Seyran Sargsyan told reporters during an online press conference on Tuesday.

According to him, in the first quarter of this year, the amount of individual money transfers from abroad through banks decreased by $37 million or 9.7% year-on-year to $354 million.

At the same time, he noted that over the same period, individual money transfers from Armenia to other countries dropped by almost $20 million or 7.1% to $266 million.

“As a result, the net inflow of individual money transfers to Armenia decreased by almost $17 million, or 16.7% year-on-year to $87 million,” Sargsyan said.

According to the Union of Banks of Armenia, the net inflow of individual money transfers to Armenia in 2019 decreased by 15.6% to $504 million. The total amount of individual money transfers from abroad through banks in 2019 amounted to $1 billion and 959 million, which was 9.7% or $173 million more than in 2018. Over the same period, individual money transfers from Armenia to other countries grew by 22.5% to $1 billion and 455 million. ($1 - 483.00 dram). -0-