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Armenia’s Central Bank expects the amount of private remittances sent to Armenia from Russia and other countries largely by labour migrants to grow this year by an average of 15-17%, Chairman of the Central Bank Martin Galstyan told reporters, ARKA reported.

He said the previous forecast was 7-9%. According to him, in the first months of 2021, the amount of private remittances was on the rise, reaching in some months more than 120%.

He said during that period private remittances from the USA, which has a vast Armenian community, saw a significant increase.

“During the year, we expect also the remittances from the Russian Federation to show growth, as in March-April thousands of Armenian labour migrants travelled to Russia, which traditionally accounts for about 80% of all private money transfers sent to Armenia,” Galstyan said.

He also noted that the volume of non-commercial money transfers in March increased by 145.6% and in April by 190%.

The Executive Director of the Union of Banks of Armenia Seyran Sargsyan noted earlier that private money transfers to Armenia in the first quarter of 2021 increased by 14.7% or $52 million to $406 million.

The bulk – about $154 million – came from Russia, which was followed by the United States – $118 million, Kazakhstan – $13 million, Germany – $15 million and France – $12 million.