Seda Hergnyan

May 2016 Cash Transfers to Armenia Drop 42.5% Over Year

Armenia’s National Statistical Service (NSS) reports that US$109.5 million entered Armenia via private transfers and that $67.5 million left the country via the same route in May 2016.

While the inflow was an 8.6% increase over April but a 42.5% drop when compared to May 2015.

The reason for the drop, in large part, is the floundering economic situation in Russia, the source of some 63% of transfers to Armenia.

In May, $67.2 million was transferred from Russia, $14.6 million from the U.S., with other countries kicking in the remaining $27.6 million.

In May 2015, $131.9 million was transferred to Armenia. $58.9 million was transferred out.

In April 2016, $104.5 was transferred to Armenia and $65.8 million left.