ArmInfo. The largest volume of private transfers to Armenia continues to come from Russia ($945.3 million), while the largest volume goes to the U.S. and UAE (a total of $342.1 million). At the same time, the influx of transfers from European countries, especially from the UK, Germany, and France, has increased significantly (a total of over $92 million, with an annual growth rate of 35-48%).
According to data from the Central Bank of the Republic of Armenia, the leading inflow of transfers from Russia in Q1 2026, amounted to $945.3 million (annual growth of 15.3%). Following Russia, the United States came in second- $187.5 million (annual growth of 19%). The United Kingdom was on third place - $47.3 million (annual growth of 41%). The UAE followed closely in fourth place - $46.8 million (annual growth of 93%). Germany rounded up the top five with $29.1 million (annual growth of 35%).
The United States leads in remittance outflows from Armenia with $198.7 million (a 17.5% year-on-year increase), followed by the UAE with $143.4 million (a 15.7% year-on-year decrease), Russia with $131.5 million (a 14.7% year-on-year decrease), Switzerland with $65.7 million (a 72% year-on-year decrease), and the United Kingdom with $40.8 million (an 11.4% year-on-year increase).
Russia's share decreased slightly over the year, with inflows dropping from 64.4% to 64.2%, and outflows from 13.7% to 13%. The United States' share, on the other hand, increased slightly in inflows from 12.4% to 12.7%, rather than in outflows (from 15% to 20%). The UAE's share of inflows increased from 1.9% to 3.2%, while continuing to decline in outflows—from 15.1% to 14.1%.
The UK's share increased in inflows—from 2.6% to 3.2%—and outflows—from 3.2% to 4%. Switzerland's share of inflows decreased slightly—from 2.1% to 1.6%, while significantly decreasing in outflows—from 20.8% to 6.5%. Germany's share of inflows accounts for 2% and outflows for 3%. Overall, according to the Central Bank's statistics, the net inflow of private transfers to Armenia in Q1 2026, saw a significant annual increase of 3.2 times (from a 48.4% decline a year ago), reaching $458.2 million. Moreover, the net inflow of non-commercial transfers, decelerating slightly in annual growth from 20.3% to 18%, amounted to $154.8 million. The share of the latter in the total net inflow fell sharply over the year, from 91% to 34%.
Broken down into inflows and outflows, the annual dynamics of transfers from all countries are as follows: inflow growth accelerated from 4.7% to 15.8%, while outflows reversed their trend from 20.5% growth to a 10.1% decline. As a result, the inflow in Q1 2026 amounted to $1.472 billion (including $266 million non- commercial), while the outflow was $1.014 billion (including $111.2 million non-commercial). Moreover, non-commercial transfers accelerated in growth from 2.1% to 15.5%, while outflows increased from a 15% decline to 12.3%.
It should be noted that for the entire year of 2025, the total inflow of transfers to Armenia from all countries amounted to $5.98 billion (including $1.2 billion non-commercial), while the outflow was $4.3 billion (including $452.8 million non-commercial). Russia's share of inflows for 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's share of inflows and outflows for 2025 remained unchanged at 12% and 14%, respectively. The UK's share of inflows increased from 2% to 3% over the year, while its share remained at 4%. Switzerland's share of outflows increased from 11% to 12%, remaining at 2%.
