Overseas Individual Remittances to Armenia Up 18.2%
During the first eleven months of 2017, US$1.1561 billion in remittances were sent to Armenia, via banks, by individuals living abroad.
This is $240 million more (18.2%) than the same period in 2016.
Armenia’s National Statistical Service also reports that $909 million was transferred out of Armenia from January-November 2017. The amount is a 28.5% increase over 2016.
Most of the foreign remittances flowing into Armenia continue to come from Russia - $945 million, or 60.5%, of the above $1.1561 billion.
This is an increase of $142 million (17.7%) over 2016.
The next largest source of remittances was the United States - $160 million (10.25% of the total).
Remittances from Kazakhstan rose some $28 million, for a total of $45 million. (2.87% of the total)
Germany followed with $35.106 million. (2.25% of the total). Picking up the rear were the UAE (1.57%), France (1.5%), Spain (0.57), Ukraine (0.52%), China (0.26%) and Turkey (0.08%)
37% ($336.522 million) of the money flowing out of Armenia went to Russia.
The United States was the next largest destination - $248.6 million, or 18.1% of the total. (This is 2.2 times more than the amount sent to the U.S.in 2016.
Following, in descending order, are China (6.4%), Germany (2.96%), UAE (2.1%), Spain (2.02%), France (1.52%), Ukraine (1.33%) and Turkey (0.98%).
27.33% ($248.601million) flowed to “other countries”.