ArmInfo. The net inflow of private transfers to Armenia in January-May 2026 showed a significant annual increase of 2.4 times (from a 41.4% decline a year ago), reaching $1.1 billion. A similar, albeit relatively moderate, reversal in annual dynamics was also recorded for the net inflow of non-commercial transfers - from a 48.8% decline to a 48% increase. The share of non- commercial transfers in the total net inflow decreased over the year from 46% to 28% (compared to 52% two years ago). This is evidenced by data from the Central Bank of Armenia.
Broken down into inflows and outflows, the annual dynamics of transfers from all countries are as follows: inflows rose from a 16% decline to a 35% increase, while outflows also experienced a more modest growth rate, from a 4.3% decline to a 5.3% increase. As a result, inflows in January-May 2026 exceeded $2.8 billion (including $489.9 million non-commercial transfers), while outflows exceeded $1.7 billion (including $185.6 million non-commercial transfers). Moreover, non-commercial transfers increased inflows from a 32.2% decline to a 24.7% increase, while outflows, conversely, reversed from a 5.2% increase to a 1% decline.
According to the source, the largest volume of transfers continues to flow into Armenia from Russia ($1.9 billion), while the largest outflows are to the US and UAE (a total of $525.9 million). At the same time, the inflow of transfers from many European countries has increased significantly, but the top five by volume are the UK and Germany (a total of over $132.3 million). Moreover, the UK is among the leaders in terms of significant inflow growth (2.4 times).
Thus, the leading inflow of transfers from Russia amounted to $1.9 billion for January-May (with the annual dynamics going from a 25.3% decline to a 36.4% growth), in second place was the United States - $334.1 million (with an acceleration of annual growth from 8.3% to 24%), in third place was the United Kingdom - $81.4 million (with an acceleration of annual growth from 30% to 2.4 times), in fourth place was the UAE - $76.7 million (with a slowdown in annual growth from 2 times to 59%), and in fifth place was Germany - $50.9 million (with an acceleration of annual dynamics from a 10.3% decline to a 43% growth).
The United States leads in remittance outflows from Armenia with $281.9 million (with annual growth slowing from 33% to 18.5%). The UAE is second with $244 million (with annual growth reversing from 26% to a 14% decline). Russia is third with $236.6 million (with annual growth slowing from 18% to 5%). Switzerland is fourth with $118.9 million (with annual growth increasing from 16% to 14%). Spain is fifth with $81.5 million (with annual growth accelerating from 25% to 31%).
Russia's share of inflows remained unchanged over the year at 66%, while its share of outflows decreased from 15% to 14%. The US's share of inflows decreased from 13% to 12%, while increasing in outflows from 15% to 16%. The UK's share increased in both inflows (from 2% to 3%) and outflows (from 3% to 4%).
The UAE's share of inflows increased from 2% to 3%, while continuing to decrease in outflows (from 17% to 14%). Germany's share of inflows was 2%, while its share of outflows was 3%. Switzerland's share of inflows decreased from 2% to 1%, while increasing in outflows from 6% to 7%. Spain's share of inflows was 1%, while its share of outflows increased from 4% to 5%.
Notably, the countries that demonstrated the highest growth rates were not among the leaders in inflows or outflows, with the exception of the UK (inflows). Thus, the leaders in terms of significant growth in the inflow of transfers to Armenia are Liechtenstein, Italy, Latvia, the United Kingdom, Turkey, and Cyprus (3.2-2 times), while the largest increase in the outflow of transfers from Armenia is recorded in the direction of Israel, Luxembourg, Kazakhstan, Hong Kong, Latvia, Ireland, and Cyprus (7.1-2.2 times).
It is worth noting that in 2025, the inflow of transfers to Armenia from all countries amounted to $5.98 billion (including $1.2 billion non-commercial), while the outflow amounted to $4.3 billion (including $452.8 million non-commercial), with the former growing at 2.4% and the latter decelerating from 7% to a stagnant 0.3%. As a result, the net inflow of private transfers to Armenia in 2025 increased from a 9% decline to an 8.6% growth rate, exceeding $1.6 billion. Moreover, non-commercial transfers, also reversing the annual net inflow trend from a 35% decline to a 25% growth rate, reached $714.1 million. The share of non-commercial transfers in the total net inflow increased from 38% to 44% in 2025 (compared to 53% in 2023 and 67% in 2022).
Russia's share of inflows in 2025 remained unchanged at 65%, while its share of outflows increased slightly from 16% to 17%. The UAE's share of inflows remained at 2%, while its share of outflows decreased from 20% to 15%. The US share of both inflow and outflow remained unchanged in 2025 at 12% and 14%, respectively. The UK's share of inflow increased from 2% to 3% over the year, remaining at 4% of outflow, while Switzerland's share of outflow increased from 11% to 12%, remaining at 2% of inflow.
