MONEY TRANSFERS TO ARMENIA THROUGH COUNTRY’S BANKS GROW 1.2FOLD TO ABOUT 1 BILLION 127.9 MILLION DOLLARS IN 2007 ON 2006

Noyan Tapan
Feb 21, 2008

YEREVAN, FEBRUARY 21, NOYAN TAPAN. Remittances of natural
persons without opening a bank account are made in Armenia by the
Armenian commercial banks and the organizations with a licence
for implementation of remittances (granted by the Central Bank of
Armenia (CBA). With the aim of implementing rapidly money transfers of
customers, the Armenian commercial banks have joined 18 international
systems (Western Union, Money Gram, Anelik, Unistream, Contact and
others).

According to the CBA press service, remittances to Armenia through
the banks – participants in these systems amounted to 385 bln 819 mln
drams about 1 bln 127.9 mln USD in 2007 (their numer made 1,527,585),
exceeding 9.8fold the amount of remittances abroad. The net inflow of
money through commercial banks made 346 bln 451 mln drams, growing by
69 bln 495 mln drams as compared with 2006. The amount of remittances
to Armenia grew 1.2fold (by 70 bln 351 mln drams) on 2006. The average
amount of a remittance to Armenia made 253 thousand drams in 2007,
not changing as compared with 2006.

The organizations, which are members of the international money
transfer systems and implement money transfers in the territory of
Armenia, made payments of 3 bln 504 mln drams to their customsers in
Armenia and implemeted transfers of 718 mln drams abroad in 2007. The
average amount of a payment to customers (in remittances to Armenia
made by payment and settlement organizations through a money transfer
system) made 101 thousand drams in 2007, remaining at the level of
the previous year. Money transfer implementing organizations made
money transfers through Armenian commercial banks as well.

Transfers to Armenia through the Swift system amounted to 1 trillion
823 bln drams (declining by 34 bln drams on the previous year), while
their number made 287,786. The average amount of a transfer made 6.3
mln drams, declining by 0.5 mln drams as compared with 2006. Payments
to natural persons (in transfers through the Swift system) grew by
13.7 bln drams to about 203 bln drams, while the average amount of
a payment increased by 62 thousand drams to 2.16 mln drams. At the
same time, the amount of natural persons’ transfers abroad through
the Swift system grew by 22 bln drams to 303 bln drams.

On the whole, the amount of transfers to natural persons through
commercial banks and money transfer implementing organization grew
by 17% as compared with 2006 and made 599 bln drams, while the amount
of transfers abroad grew by 7% to 343 bln drams.