Armenpress News Agency, Armenia
May 20, 2017 Saturday


Increase of transactions with Armenian bank-issued cards abroad linked
with development of outbound tourism – economist



YEREVAN, MAY 16, ARMENPRESS. Economists say the increase of overall
transactions in foreign countries with credit cards issued by Armenian
banks is associates with development of outbound tourism, while
increase of non-cash transactions is associated with formation of the
culture of making payments with cards.

According to official statistics, 208,642 transactions with Armenian
bank-issued cards were made abroad in March, 2017, while in February
the number was 177,365 and in March of 2016 – 173,742. The volume of
these transactions in March, 2017 amounted 6 billion 823 million drams
– an increase of more than 1 billion drams in a month.

Economist Aram Kayfajyan told ARMENPRESS the increase is associated
with development of outbound tourism. “Tourists or businessmen are the
ones using Armenian banking cards abroad, I don’t think large
expenditures are made with them. If people buy some property or begin
activities abroad, usually cards aren’t used”, he said, adding that
taking into consideration the activation of Armenia’s economy,
outbound tourism has also been activated, which can be the reason of
volume and quantity increase of transactions made by Armenian banking
cards abroad.

In March, the volume of cash withdrawals amounted 1 billion 444
million drams, while the quantity amounted to 14,162. Withdrawals
increased by 179 million drams compared to February.

In March, 194,480 non-cash transactions with Armenian banking cards
were made abroad, with a volume of 5 billion 380 million drams,
compared to the previous year the quantity increased by more than 39
thousand. More card transactions were made than withdrawals.

Economist Tatul Manaseryan, director of the ‘Alternative’ research
center, says the decrease of cash operations is associated with the
formation of a culture of making non-cash payments among Armenian
citizens.