Money & Bank

 

Armenia to introduce new banknotes from November 22
/Nov 19/Public Radio of Armenia/

New third-generation banknotes will be put into circulation starting from November 22 to mark the 25th anniversary of the Armenian dram.

The new generation banknotes are printed on high quality composite materials, which will allow the banknotes to be used 3-4 times longer.

New banknotes have the best protective features currently available.

The first banknotes were put into circulation on 22 November 1993, two years after Armenia proclaimed independence.

The second series of banknotes were issues on 22 November 2017.
 

Outflow of private transfers from Armenia is growing at an accelerated pace
/Nov 11/Arminfo/Karina Melikyan/

Over the first 9 months of 2018, the outflow of transfers from individuals increased by 23.5% per annum – to $ 829.6 million, with an increase in inflows by only 3.6% – to $ 1.279 billion. According to the Central Bank of Armenia, this reduced the net inflow from 20.2 % per year- up to $ 449.5 million. In Q3 alone growth in transfer inflows slowed down from 19.8% to 14.5%, with outflow dynamics changing from a 4.1% decline to 12.2% growth, resulting in a sharp slowdown of net inflows growth from 96.9% to 18.2%.

Moreover, the inflow of transfers from Russia to Armenia increased in year-over-year terms much more modestly than the outflow to Russia – 3.4% versus 22.5%. And to the United States, the increase in inflow slightly yields to the outflow – 20.8% against 23.1%. In the Q3 alone, the growth in inflows from Russia slowed down from 28.6% to 19%, while the outflow dynamics changed from the 7.3% decline to 39.3% growth, while in the direction of the USA the inflow remained in growth (15%) with a drop-in outflow of 2.9%.

In the structure of the inflow, the share of Russia for 9 months decreased from 61% to 60.2%, and in the outflow, on the contrary, increased from 34% to 39.3%, against 60.3% and 39.6% a year earlier, respectively. In the first 9 months of 2018 transfers of individuals from Russia to Armenia totalled $ 769.8 million, $ 326 million flowed to Russia from Armenia. $ 154.9 million were received from US through private transfers, and $ 136.6 million flowed out of Armenia in 9 months.

To note for comparison, that for the first 9 months of 2017, the inflow showed a higher y-o-y growth rate – 16.4%, but the outflow increased by 18.9% which increased the net inflow by 13.5%. Then, the inflow of transfers from Russia increased by 16.5% with an outflow growth of 10.3%, but against this background the outflow in the US sharply jumped – by 90.2% with an increase in the inflow of a meager 0.9%. The Central Bank of Armenia revised the forecast for the growth of remittances of individuals in 2018 to slow down- from the previous 7-9% to the current 5-7%, explaining it by ruble collapse against the background of new US sanctions against Russia. According to statistics of the Central Bank, in 2017 the inflow of individuals' transfers to Armenia increased by 14.6% (against the forecast of 14-16%), reaching $ 1.757 billion. At the same time, the outflow of transfers increased by 25.6% in 2017 to $ 1.026 billion. As a result, the net inflow of transfers increased by 2.1% reaching $ 731 million in 2017. In the inflow, Russia's share is 60.6% or $ 1.065 billion, and in the outflow – 34.5% or $ 354 million. The inflow of transfers from Russia grew in 2017 by 18, 7%, with outflow growth of 6.1%, which increased net inflow from Russia by 26.2%.

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