Remittances from Russia to Armenia totaled over $1 billion in 2017

Russia dominates the total inflow into Armenia with its 60.3% or $1 064.9 million. Money transfers from Russia to Armenia increased by $168 million or 18.7%, and remittances from Armenia to Russia totaled $376.1 million in 2017 accounting for a 22.2% growth, Armenia's Central Bank said on its website. 

Over $1 756.4 million came to Armenia through banks in 2017 as individual noncommercial remittances – 14.5% or $223.6 million more than one year before

This is the first time since 2013 individual noncommercial money transfers to Armenia grew. The 2017 indicator exceeded the amount received in 2015 and 2016.

However, remittances from Armenia abroad have grown in 2017 as well – by 28.3% or $231.2 million to $1 048.2 million.

As a result, net inflow in 2017 shrank 1% to $708.2 million, hitting the record low in the last decade, ARKA reported.