Money transfers in Armenia

The overall volume of money transfers through the banking system in the first half of 2010 in Armenia reached USD 617 million, which is 3% higher than during the same period last year. Worth noting is that the amount transferred out of Armenia overseas increased during this period, whereas the amount of remittances into the country has decreased. The largest volume of transfers entering Armenia comes from Russia, making up more than 65% of remittances into the country; only 22% is transferred from Armenia to other countries.