YEREVAN, February 16. /ARKA/. Remittance outflows from Armenia soared by 55% in 2023 to  $4 billion in 2023, leading to a 36% YoY decline in net cross-border remittances, the Eurasian Development Bank says in a  macroeconomic review for February 2024.

"In 2023 the inflow of private cross-border remittances amounted to $5.7 billion (+9.7% YoY), remaining at historically high levels. In 2022 their  inflow amounted to $5.1 billion against $1.9 billion, on average, per year in 2018-2021)," the review says.

According to the Central Bank of Armenia,  private remittances from Russia in 2023 amounted to $3.94 billion versus $3.6 billion in 2022. Remittances from the United States dropped to  $663.2 million from  $670.9 million and remittances from Switzerland grew to  $140.8 billion from  $95.7 million.

Remittances from Armenia to Russia grew to $641.4 million from  $453 million in 2022,  remittances to  UAE surged to  $571 million from $275.3 million, and remittances to  the United States grew to  $465 million from $327.8 million.

Net cross-border remittance inflows in  2023 stood at  $1.65 billion vs. $2.58 billion in  2022. -0-