YEREVAN, January 26. /ARKA/. Net money transfers to Armenia in November 2023 were down 82 percent from November 2022 and 68 percent compared to October 2023, the World Bank says in its ‘Armenia Monthly Economic Update – January 2024.’

According to it, money transfer inflows contracted 21 percent (yoy) and outflows increased 26 percent (yoy).

The contraction in inflows was mainly due to 29 percent fewer inflows from Russia. The main destinations for increased outflows were Monaco and the USA

According to the Central Bank of Armenia, private cross-border money transfers to Armenia in January-November 2023 amounted to AMD 2.04 trillion (AMD 165.7 billion in November alone), while the volume of money transfers from Armenia abroad amounted to AMD 1.46 trillion (AMD 149.8 billion in November).

The net inflow of cross-border money transfers in the first 11 months of 2023 amounted to AMD 584.4 billion (AMD 15.9 billion in November).

Money transfers from the Russian Federation amounted to AMD 1.43 trillion (AMD 107.2 billion in November), while the volume of money transfers to the Russian Federation amounted to AMD 235 billion (AMD 19.1 billion in November). ($1 - AMD 404.21) -0-