During a session of the Parliamentary Committee on Financial-Credit and Budgetary Issues on September 2, Armenian Finance Minister Vahe Hovhannisyan presented data on the state of remittances to Armenia for the first half of 2024. 

He reported that the net inflow of remittances to Armenia had decreased by 48.3%. The decline was particularly pronounced in remittances from Russia, where the net inflow of non-commercial remittances fell by 69.4%, making the most significant negative impact on the overall situation.

Hovhannisyan warned that this substantial drop in remittance inflows could have serious repercussions for Armenia's economy, as remittances have traditionally been a crucial source of income for many Armenian families and play a significant role in supporting domestic consumption.

According to the report, the total volume of remittances to Armenia for the first six months of 2024 amounted to $2.52 billion, which is 13.7% less compared to the same period last year. Most of these remittances came from just two countries, Russia and the United States, which accounted for 78% of all transfers.