ArmInfo. The net inflow of private transfers to Armenia in the first half of 2026 showed a significant annual increase of 2.3 times (from a 1.3% decline a year ago), reaching $1.4 billion. Meanwhile, the net inflow of non-commercial transfers increased by 21.7% (almost the same as a year ago - 22.6%), reaching $380.4 million. The share of non-commercial transfers in the total net inflow decreased to 28% (after increasing a year ago from 43% to 53%). 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 accelerated from 9.2% to 29.4%, while outflows slowed from 12.4% to 1%. As a result, inflows in the first half of 2026 reached $3.6 billion (including $614.3 million non-commercial transfers), while outflows reached $2.2 billion (including $233.9 million non-commercial transfers). Moreover, non- commercial transfers accelerated inflows from 9.8% to 18%, while outflows increased from a 5.2% decline to 12.5%.
According to the source, the largest volume of transfers continues to flow into Armenia from Russia ($2.4 billion), while they flow out to the US and UAE (a total of $648.2 million). At the same time, the inflow of transfers from European countries has increased significantly, with the UK and Germany among the top five by volume (a total of over $159.1 million).
For example, the leading inflow of transfers from Russia amounted to $2.4 billion in the first half of the year (annual growth accelerated from 8% to 36.3%). The US was second with $399.7 million (annual growth accelerated from 0.7% to 22%). The UK was third with $99.8 million (annual growth reversed from 2.5-fold growth to a 4% decline). The UAE was fourth with $99.4 million (annual growth accelerated from 22% decline to 99% growth). Germany was fifth with $59.4 million (annual growth accelerated from 5.6% to 30.3%).
The leader in the outflow of transfers from Armenia is the United States - $340.7 million (annual growth accelerated from 6% to 18%), in second place is the UAE - $307.5 million (annual decline accelerated from 3.1% to 10.5%), in third place is Russia - $295.1 million (annual dynamics reversed from 12% growth towards 13% decline), in fourth place is Switzerland - $170.7 million (annual dynamics reversed from 2.8 times growth towards 50.3% decline), and in fifth place is Spain - $101.2 million (annual growth slowed from 27% to 8.4%).
Russia's share of inflows increased from 64% to 68% over the year, while decreasing in outflows from 16% to 13%. The US's share of inflows decreased from 12% to 11%, while increasing in outflows from 13% to 16%. The UK's share of inflows decreased from 4% to 3%, while remaining stable at 4% in outflows.
The UAE's share of inflows increased from 2% to 3%, while continuing to decrease in outflows from 16% to 14%. Germany's share of inflows accounts for 2%, while its share of outflows falls to 3%. Switzerland's share of inflows decreased from 2% to 1%, while its share of outflows fell more significantly, from 16% to 8%. Spain's share of inflows is 1%, while its share of outflows has increased from 4% to 5%.
It's noteworthy that the highest growth in inflows of transfers was recorded for Turkey (2.6 times), but their volume is far from the leaders. The largest outflows from Armenia were recorded for Ireland, Singapore, Hong Kong, Kazakhstan, France, Cyprus, Luxembourg, and Georgia (2.7-1.5 times), with Georgia and France nearing the top five by volume. Liechtenstein, Latvia, and Singapore showed the largest growth in inflows of non-commercial transfers (4.5-2.2 times), while Singapore, the United Kingdom, and Italy showed the largest outflows (4.2-1.7 times), with only the United Kingdom among the top five by volume.
In 2025, the inflow of transfers to Armenia from all countries amounted to $5.98 billion (including $1.2 billion of non-commercial nature), and the outflow - $4.3 billion (including $452.8 million of non- commercial nature), with the growth of the former maintaining at 2.4% and the growth of the latter slowing down 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.
