News - Central Bank official: Remittances from Russia to Armenia decreased by 50%

Remittances from Russia to Armenia decreased by 50% in January-March 2024 compared to the same period in 2023. Head of the Monetary Policy Department at the Central Bank of Armenia (CBA), Hayk Avetisyan, stated this at a press conference Tuesday. He explained that non-commercial remittances dropped by 55%. Avetisyan assured, however, that this trend is more related to economic factors—such as the difference in salaries in Armenia and Russia, migration inflows, rather than to the problems in monetary systems. According to him, in January-March 2024, the number of remittances from Armenia to the US was the same as to Russia. CBA governor Martin Galstyan, for his part, added that this decrease in remittances from Russia to Armenia may be partially due to the activity of payment systems—i.e. the Russian Mir card payment system for electronic fund transfers.  "But there are more influential factors, particularly geopolitical and economic factors, which have a serious impact on these movements. Many labor migrants from Armenia prefer to stay in Armenia, as the salary difference between Armenia and Russia is gradually decreasing," Galstyan noted. He argued that the problems related to the Mir cards have been resolved, and expressed readiness to resolve them if they remain.