YEREVAN, September 9. /ARKA/. Private money transfers sent to Armenia through banks in the first seven months of 2020 dropped by 15.3% year-on-year to about $893.3 million, the Center for Economic Development Initiatives said in a report posted on its website.

Money transfers from Armenia to abroad slashed by 20.3% from the first seven months of 2019 to about $622.4 million.

The largest decline in money transfers was from Russia - about 28.2%, while the amount of money transfers from the USA increased by 22.1%.

“It should be borne in mind that the change in the volume of private money transfers , among other factors, is associated with the number of Armenian citizens  leaving for work abroad (mainly to Russia) and with a large Armenian Diaspora in the United States),” the report says.

The bulk of private money transfers from Armenia to the United States in 2019 was associated with the purchase of cars at American car auctions. As a result, the amount of money transfers from Armenia to the United States in January-July 2020 decreased by 54.8% compared to the same period in 2019. The net inflow from the US stood at $122.9 million.

According to the report, the picture is slightly different when comparing July 2020 with July 2019, when the amount of money transfers to Russia increased by 86.2%. The amount of money transfers to other countries this year has decreased by 47.5%, and to the USA - by 74.9%.

“The coronavirus crisis also played a significant role in the process, because of the closed borders many citizens of Armenia could not leave for other countries to work abroad. Future changes in the current situation largely depend on when the border between Armenia and Russia will open and also on the economic situation in Russia,” the report says. -0-