Individual money transfers sent to Armenia via banks in nine months of 2022 amounted to about $1.7 billion- central bank

YEREVAN, November 1. /ARKA/. Individual money transfers sent to Armenia via banks in the first nine months of 2022 amounted to about $1.7 billion, Director of the Central Bank's Macroeconomic Department Armen Nurbekyan told a press conference today.

"This is a very high amount, an increase of 155 percent compared to the same period last year, which is almost entirely due to an increase in money transfers from Russia," he said.

Nurbekyan also noted that this factor is having an impact on the exchange rate of the Armenian dram that has strengthened by around 15% in recent months.

The Chairman of Central Bank Martin Galstyan said that the most of the growth is resulting from the transfer of capital to Armenia by international visitors. He added it was hard to say whether the process is temporary or will stabilize.

Armenian Minister of Finance Tigran Khachatryan stated earlier that remittances from Russia have become one of the important factors of Armenia's economic growth in 2022.

According to various estimates, some 140,000 Russians have moved to Armenia since the beginning of the year. -0-