Central Bank Issues Data on Foreign Remittances

The Central Bank of Armenia's headquarters in Yerevan


YEREVAN—The Central Bank of Armenia has released new data about foreign remittances to Armenia, non-commercial money transfers which are mostly sent by Armenian nationals working abroad and which make up a significant portion of Armenia’s gross domestic product (GDP).

According to the Central Bank of Armenia (CBA), Armenian commercial banks processed almost $628 million in incoming non-commercial cash transfers from Russia in the first half of 2014, up by almost 2 percent year on year, RFE/RL’s Armenian service (Azatutyun.am) reports. The overall amount of remittances rose by 4.7 percent to $773.2 million on the back of an almost 26 percent surge in individual cash coming from the United States, CBA data shows.

By comparison, wire transfers from Russia rose by almost 12 percent to $1.61 billion in the whole of 2013. They accounted for 86 percent of total non-commercial remittances, which were in turn equivalent to roughly 18 percent of Armenia’s GDP, according to RFE/RL.

The remittances have long been a major source of income for many Armenian families. They also enable the country to finance its trade and current account deficits.

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2 Comments

  1. Armenian said:

    18% of Armenia’s GDP is entirely dependent on a foreign country. Then we wonder where our independence went.

    • hidi said:

      **** Armenia is a newly independent country., having said that, there is noting wrong for money coming in from outside Armenians., as a matter of fact it is all good until Armenia gets stronger. look what happened to Israel, the Jews are poring money from all over the world to there country to this day.

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