Transfers to individuals from Russia to Armenia increased by 5 times in the first quarter of 2023

For the first quarter of 2023, about $1.2 billion was transferred from Russia to Armenia (through the banking system of the republic) to individuals, follows from statistics (.xls) of the Central Bank of Armenia. According to Frank Mediawhich is five times more than in the same period in 2022 ($239 million).

In January, individuals in Armenia received $281.2 million from Russia, in February – $600.9 million, in March – $337.3 million. Transfers from Russia in January-March accounted for 77.1% of all receipts. Over the same period, $140 million was transferred from Armenia to Russia to individuals.

In March, the Minister of Economy of Armenia Vahan Kerobyan stated that in 2022 the republic arrived more than 108 thousand Russians. Due to the relocation of Russians and the transfer of Russian businesses to Armenia, the country’s economy showed very high growth rates, the head of the Armenian Ministry of Economy noted.

Read more about how in 2022 the Russians diverted funds to neighboring countries – in the material “Kommersant” “Money is being transferred from Russia”.

Grigory Leiba