YEREVAN, April 19. /ARKA/.  Net money transfers dropped by 63.3 percent (yoy) in February but were almost 4 times higher than in the previous month, according to World bank's Armenia monthly economic update – April 2024.

Money transfer inflows declined by 42.5 percent (yoy) driven by a 53.5 percent drop in inflows from Russia .

Outflows also dropped by 24.2 percent (yoy), with a 5.9 percent dip in outflows to Russia. Notably, outflows to the USA grew by 139 percent (yoy)

According to the Central Bank of Armenia, the net inflow of private cross-border money transfers amounted to $121 million in February 2024 against $32.2 million in January 2024 and against $332.1 million in February 2023. -0-