Thursday, May 15 2025 22:38
Karina Melikyan

The majority of transfers to Armenia come from Russia, and flow out  to Switzerland, the UAE and the USA

The majority of transfers to Armenia come from Russia, and flow out  to Switzerland, the UAE and the USA

ArmInfo. In Q1 2025, the net inflow of private transfers to Armenia decreased by 48.4% per annum  (compared to a decline of 49.6% the previous year), totaling $143.6 million. Specifically, the inflow increased by 4.7% to $1.3 billion, while the outflow rose by 20.5% to $1.1 billion, according to data from the Central Bank of the Republic of Armenia.

Moreover, the dynamics of non-commercial transfers show different  directions for inflow and outflow. The inflow increased by 2.1% (to  $230.2 million), while the outflow decreased by 15%  to $98.9  million, resulting in  a 20.3% increase in  net inflow  to $131.3  million. According to the source, the largest volume of transfers  comes to Armenia from Russia ($819.6 million), and flows out to  Switzerland, the UAE and the USA (a total of $573.5 million). In the  first quarter, the primary inflow of transfers from Russia amounted  to $819.6 million (annual growth of 3.1%). The  USA followed  in  second place with $157.7 million (annual decline of 2.1%),. The UK  ranked third with  $33.6 million (annual growth of 81%). Switzerland  comes in forth with $26.5 million (annual growth of 37%) and the UAE  ranked fifth with $24.3 million (annual growth of 49%).

Switzerland led the outflow of transfers from Armenia with $234.4  million (annual growth of 2.7 times).  The UAE followed in second  place with  $169.99 million (annual decline of 4%). The USA ranked  third with $169.1 million (annual growth of 17.3%). Russia came in  forth with $154.2 million (annual growth of 11.5%), and  the UK   ranked fifth with $36.7 million (annual growth of 81%).

Russia's share has slightly decreased over the year both in the  inflow from 65.4% to 64.4%, and in the outflow - from 14.8% to 13.7%.  The UAE's share in the inflow is still minor, increasing from 1.3% to  1.9%, while in the outflow it has decreased from 18.9% to 15.1%. The  US share decreased in both  the inflow from 13.3% to 12.4%, and in  the outflow from 15.4% to 15%. Switzerland's share in the inflow did  not increase much, going from 1.6% to 2.1%, but in the outflow it  jumped from 9.4% to 20.8%. The UK's share increased in both the  inflow - from 1.5% to 2.6%, and in the outflow jumping from 2.2% to  3.2%. For comparison, a year ago Russia was again the leader in the  inflow of transfers, with the lead  in the outflow passing to the  UAE. Experts attribute this shift to "gray deals" with gold and  diamonds, as the UAE was then the main re-exporter of these  precious  metals and stones, with re-imports coming from Russia. 

Customs data indicate that the lion's share of diamonds and gold  imported from Russia are then primarily exported to the UAE. Thus, in  the first half of 2024, Russia accounted for 77%  of diamond imports  and 99.7% of gold imports,  with the UAE being the main  export  destination (77% diamonds and 64% gold).  While the final customs  data for the entire 2024 has not yet been released,  it is highly  probable that the trend will continue. This pattern began to emerge  towards the end of 2023, with 46.7% of diamonds and 99.2% of gold  coming from Russia and being mainly exported to the UAE (84.6%  diamonds and 71.4% gold).  

POST A COMMENT
Input digits     


News
Yerevan Municipality records 88.5% budget performance in first half  of 2025 Yerevan Municipality records 88.5% budget performance in first half  of 2025 
Armenian NPP connected to country`s power grid ahead of schedule Armenian NPP connected to country`s power grid ahead of schedule 
In Armenian interbank foreign exchange market, dollar transactions decreased while ruble transactions increased from July 7-11, 2025In Armenian interbank foreign exchange market, dollar transactions decreased while ruble transactions increased from July 7-11, 2025
Seven organizations from Armenia to resume flower supplies to RussiaSeven organizations from Armenia to resume flower supplies to Russia
14,757 applications submitted under bad loan program 14,757 applications submitted under bad loan program 
Idram and Alipay+ Facilitate Cross-Border QR Payments in Armenia, Connecting Local Merchants with Global Digital Wallet UsersIdram and Alipay+ Facilitate Cross-Border QR Payments in Armenia, Connecting Local Merchants with Global Digital Wallet Users
Solid waste management program should be implemented throughout  Armenia - Vardan Kostanyan Solid waste management program should be implemented throughout  Armenia - Vardan Kostanyan 
Rossotrudnichestvo and South Caucasus Railways sign memorandum of  cooperationRossotrudnichestvo and South Caucasus Railways sign memorandum of  cooperation
Ardshinbank Participated in Tech Week Vanadzor 2025Ardshinbank Participated in Tech Week Vanadzor 2025
Armenia, WIPO discussed ways to enhance collaborationArmenia, WIPO discussed ways to enhance collaboration
Gevorg Papoyan: Effective protection of intellectual property is  crucial for sustainable economic growthGevorg Papoyan: Effective protection of intellectual property is  crucial for sustainable economic growth
Daily regulation reservoirs in Hovnanadzor to serve 9 villagesDaily regulation reservoirs in Hovnanadzor to serve 9 villages
Armenia`s government to develop cooperation with jewelry industry Armenia`s government to develop cooperation with jewelry industry 
ADB to provide Armenia with $3mln for school reconstruction in  Voskepat village ADB to provide Armenia with $3mln for school reconstruction in  Voskepat village 
Armenia`s government to direct huge funds to information and  cybersecurity Armenia`s government to direct huge funds to information and  cybersecurity 
Armenia top ratify EAEU agreement on Permissible Weights, Axle Loads and Dimensions of VehiclesArmenia top ratify EAEU agreement on Permissible Weights, Axle Loads and Dimensions of Vehicles
EIB to provide Armenia with EUR 50mln for Armenia - Resilient Syunik programme EIB to provide Armenia with EUR 50mln for Armenia - Resilient Syunik programme 
"Business Process Optimization with AI" – a Course for the Senior Management of AraratBank
IBRD to provide Armenia with EUR 96.4mln for implementation of Tourism and Regional Infrastructure Development programIBRD to provide Armenia with EUR 96.4mln for implementation of Tourism and Regional Infrastructure Development program
Armenia`s government to direct 1.189bln to co-financing of local communities development programmes Armenia`s government to direct 1.189bln to co-financing of local communities development programmes 
ANC condemns nationalization of ENA, violation of property rights ANC condemns nationalization of ENA, violation of property rights 
EAEU countries to start testing transportation digitalization in first half of 2026EAEU countries to start testing transportation digitalization in first half of 2026
Central Bank: RA Law Central Bank: RA Law "On Crypto Assets" entered into force in Armenia on July 4, 2025
Gohar Barseghyan:  EEC consistently promotes the enhancement of industrial cooperationGohar Barseghyan:  EEC consistently promotes the enhancement of industrial cooperation
Armenia`s foreign trade sees sharp decline after neutralization of diamond and gold re-export factorArmenia`s foreign trade sees sharp decline after neutralization of diamond and gold re-export factor
Every year, Lori region loses $40 million due to untapped tourism  potentialEvery year, Lori region loses $40 million due to untapped tourism  potential
We are going round in circles: Aram Kocharyan on  current IT  situation in ArmeniaWe are going round in circles: Aram Kocharyan on  current IT  situation in Armenia
Net direct foreign investments in Armenia`s economy up Net direct foreign investments in Armenia`s economy up 
RA president signs laws nationalizing ENA CJSCRA president signs laws nationalizing ENA CJSC
Responsible innovations instead of offshores - CB Responsible innovations instead of offshores - CB 
Armenia, Uruguay to increase bilateral trade turnover Armenia, Uruguay to increase bilateral trade turnover 
Armenian vice-premier takes part in EEC Council`s meeting Armenian vice-premier takes part in EEC Council`s meeting 
Yerevan to host Black Sea Trade and Development Bank`s Annual Meeting  Yerevan to host Black Sea Trade and Development Bank`s Annual Meeting  
Solid Municipal Waste Management project launched in HrazdanSolid Municipal Waste Management project launched in Hrazdan
Armenian IT sector`s output developed as compared with other regional states - expert Armenian IT sector`s output developed as compared with other regional states - expert 
Lawyer on `legal terror` surrounding ENA Lawyer on `legal terror` surrounding ENA 
AraratBank participated in the WEPs regional experience-sharing workshopAraratBank participated in the WEPs regional experience-sharing workshop
1,507 trucks with apricots leave for Russia since beginning of summer 1,507 trucks with apricots leave for Russia since beginning of summer 
TechWeek transforms Vanadzor into an innovation hubTechWeek transforms Vanadzor into an innovation hub
In Q1 2025, unemployment rate in Armenia decreased to 13.9%In Q1 2025, unemployment rate in Armenia decreased to 13.9%
Moody`s upgrades Converse Bank`s ratingsMoody`s upgrades Converse Bank`s ratings
Armenia`s industrial sector is experiencing a significant  declineArmenia`s industrial sector is experiencing a significant  decline
Power generation in Armenia increased by 3.6% in a yearPower generation in Armenia increased by 3.6% in a year
Armenia`s State Revenue Committee proposes postponing payment of  road, environmental taxes, entry duties Armenia`s State Revenue Committee proposes postponing payment of  road, environmental taxes, entry duties 
46 trucks with Armenian brandy enter Russia 46 trucks with Armenian brandy enter Russia 
Expert: Armenia has every chance to become a key regional  hub for  innovative solutionsExpert: Armenia has every chance to become a key regional  hub for  innovative solutions
IDBank issues the 3rd, 4th and 5th tranches of bonds of 2025IDBank issues the 3rd, 4th and 5th tranches of bonds of 2025
ARMSWISSBANK Launches Mastercard World – A New Premium CardARMSWISSBANK Launches Mastercard World – A New Premium Card
Ministry of Economy: Compared to 2018, job numbers in Armenia  increased by 33.9%Ministry of Economy: Compared to 2018, job numbers in Armenia  increased by 33.9%
Illegal mining in Armenia`s Syunik causes AMD 63mln damage to public Illegal mining in Armenia`s Syunik causes AMD 63mln damage to public 
Rospotrebnadzor requested additional information from competent  authorities in Armenia regarding the reason for the ban of Eskimo ice  cream Rospotrebnadzor requested additional information from competent  authorities in Armenia regarding the reason for the ban of Eskimo ice  cream 
Pashinyan discusses steps for establishing a major AI data center in  ArmeniaPashinyan discusses steps for establishing a major AI data center in  Armenia
In June,  Armenia`s annual inflation rate increased to 3.9%  driven  by higher prices for food  and servicesIn June,  Armenia`s annual inflation rate increased to 3.9%  driven  by higher prices for food  and services
Armenian products to enter Cyprus and US markets: CIBRS announces National Warehouse program strategyArmenian products to enter Cyprus and US markets: CIBRS announces National Warehouse program strategy
European Investment Bank remains Armenia`s key partner in  infrastructure projects - MinisterEuropean Investment Bank remains Armenia`s key partner in  infrastructure projects - Minister
Armenian Parliament gives  Armenian Parliament gives  "green light" to nationalization of ENA
Armenia`s dividends from ZCMC $113mln since 2022Armenia`s dividends from ZCMC $113mln since 2022
Ardshinbank summed up the raffle organized for Mastercard Business cardholdersArdshinbank summed up the raffle organized for Mastercard Business cardholders
Armenia extends ban on export of scrap metal until Feb. 1 2026 Armenia extends ban on export of scrap metal until Feb. 1 2026 
62 trucks with Armenian brandy cross Russian border 62 trucks with Armenian brandy cross Russian border 
Read more
Exchange rates
11.07.2025
RUB4.930.00
USD383.910.17
EUR448.91-1.14
GBP519.24-2.57
CAD280.37-0.31
JPY26.15-0.11
CNY53.560.07
CHF482.48-0.58