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Seda Hergnyan

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”.

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