ArmInfo. The net inflow of private transfers to Armenia in January-September 2026 jumped 2.2 times (versus 15.5% growth a year ago), exceeding $2.2 billion. Moreover, for non-commercial transfers, the net inflow slowed in annual growth from 25% to 16%, amounting to $604.8 million. The share of the latter in the total net inflow decreased significantly over the year from 51% to 27% (versus 67% in 2022). This is evidenced by data from the Central Bank of the Republic of Armenia.
Breakdown by inflow and outflow, the annual dynamics (January-September 2026 compared to January-September 2025) of transfers from all countries looks as follows: inflow growth accelerated sharply from 7.3% to 32.1%, while outflow growth slowly declined from 5% to 5.7%. As a result, inflows in January-September 2026 exceeded $5.6 billion (including $1 billion of non-commercial transfers), while outflows exceeded $3.4 billion (including $397 million of non-commercial transfers). Moreover, non-commercial transfers accelerated inflows from 15% to 17.3%, while outflows accelerated much more significantly, from 2% to 20%. However, the rate of leading inflow and outflow of non-commercial transfers to Russia has significantly worsened – inflow growth has weakened and outflow has declined.
According to the source, the largest volume of transfers continues to flow into Armenia from Russia ($3.9 billion), while they flow out to the US and UAE (a total of $983.4 million). At the same time, the inflow of transfers from European countries has increased significantly, but the UK is among the top five by volume, with Germany close behind (over $232.2 million in total).
For example, the leading inflow of transfers from Russia amounted to $3.9 billion in January-September (annual growth accelerated from 6.1% to 41.3%), followed by the US at $608.9 million (annual growth accelerated from 4.5% to 15.3%), the UAE at $156.3 million (annual growth reversed from a 5% decline to 98% growth), the UK at $151.7 million (annual growth reversed from a 2.4-fold increase to a 3.3% decline), and Kazakhstan at $83.4 million (annual growth reversed from a 10% decline). for a significant increase of 2.4 times). Germany ranked 6th with an inflow of $80.5 million (with an annual growth rate accelerating from 6.3% to 14.4%).
The United States leads in terms of remittance outflows from Armenia - $525.99 million (with an annual growth rate of 2.1% decreasing to 25%), Russia is second with $471.4 million (annual growth rate reversed from 26% to a 17% decline), the UAE is third with $457.4 million (annual decline accelerated from 26.3% to 3.4%), Switzerland is fourth with $305.6 million (annual growth rate reversed from 68.4% to a 31.2% decline), and Spain is fifth with $151.8 million (annual growth rate slowed from 26.3% to 13.4%. The UK came close to the top five, ranking sixth with an outflow of $121.9 million (the year-on-year trend shifted from 28% growth to a 10% decline).
Russia's share of inflows increased from 64% to 69% over the year, while
decreasing in outflows from 18% to 14%. The US's share of inflows decreased from 12% to 11%, while increasing in outflows from 13% to 15%. 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 decline in outflows from 15% to 13%. Switzerland's share of inflows decreased from 2% to 1%, while declining more significantly in outflows from 14% to 9%. Spain's share of inflows is 1%, while its share of outflows is 4%. Germany's share of inflows is 1%, while its share of outflows is 3%. Kazakhstan's share of both inflows and outflows is 1%.
Notably, the highest growth in transfer inflows (3.4 times) was recorded for Kazakhstan and Latvia, but of these, only Kazakhstan is in the top five (last) by volume. The largest growth in transfer outflows from Armenia was recorded for Singapore, Hong Kong, and Ireland (3-2 times), and of these, Hong Kong is close to the top five by volume. Switzerland, Singapore, and Liechtenstein showed the largest increase in the inflow of non-commercial transfers (2-fold), while Liechtenstein, Hong Kong, and Singapore showed the largest increase in outflows (26-3-fold). Of these, only Switzerland is among the top five by volume.
It should be noted that in 2025, the inflow of transfers to Armenia from all countries amounted to $5.98 billion (including $1.2 billion of non-commercial transfers), while the outflow amounted to $4.3 billion (including $452.8 million of non-commercial transfers). The former maintained growth at 2.4%, while the latter slowed 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 8.6% growth, exceeding $1.6 billion. Moreover, non-commercial transfers, also reversing the annual net inflow trend from a 35% decline to a 25% growth, 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%, remaining at 4% in outflow. Switzerland's share of outflow increased from 11% to 12%, remaining at 2% in inflow.
