Central Bank reports increase in transfers from Russians to Armenia

PanARMENIAN.Net - Remittances of Armenian seasonal workers from the Russian Federation have decreased, but transfers to Armenia from Russians have increased, Deputy Chairman of the Central Bank of Armenia Hovhannes Khachatryan said Monday, May 16.

Khachatryan made the remarks when presenting a report on the activityof the Central Bank for 2021 in the parliamentary commission on financial, credit and budgetary issues.

By the end of 2022, the Central Bank expects a reduction in transfers of Armenian seasonal workers from Russia by about 20%. At the same time, the official stressed, it is difficult to make specific forecasts, since international financial organizations don't know yet how much the Russian economy will shrink and in what sectors. Some predict a decline of 6%, others of 8-10%, or more, he added, according to Sputnik Armenia.

On the other hand, he said, there has been an increase in remittances from Russians who have been arriving in Armenia en masse since the beginning of March. This group of people transfers and spends more money here than Armenian seasonal workers transfer from the Russian Federation, especially in the current conditions, he noted.

The Russian invasion of Ukraine and the unprecedented Western sanctions against Russia have made many Russian businesses flee their home country and settle in Armenia. The Ministry of Economy earlier published a guide for businesses seeking to relocate to Armenia, also setting up a working group to answer queries.