YEREVAN, October 2. /ARKA/. In July money transfer inflows from Russia almost halved compared to July 2022, accompanied by a doubling of outflows to Russia from a low base, according to the World Bank's review "Armenia monthly economic update - september 2023"..

“However, total net money transfers were only 2 percent lower (yoy) due to exceptionally low net inflows in July of 2022. While money transfer inflows and outflows both show significant fluctuation, the dominant trend highlights a reduction in inflows and higher outflows to Russia.,’ the review said.

Private remittances sent to Armenia from abroad through the banks exceeded $3.3 billion in January-July 2023, up from $2.4 billion, sent in the same time span in 2022, according to a Central Bank of Armenia report.

Money transfers from the Russian Federation in January-July of this year amounted to $2.4 billion against $1.6 billion sent in the same period last year, increasing 1.5 times.

Money transfers from Armenia to the Russian Federation in January-July of this year totaled $396.1 million, compared to $225.8 million in the same period last year. -0-