Remittances to Armenia rose by 145 percent year-on-year to $129.1 million in the first quarter of 2021, the Central Bank said.

In March alone, money transfers stood at $65.9 million.

Private money transfers to Armenia are likely to grow by 5.6 percent on average and by 5.1 percent in 2022 and 2023, the Center for Country Analysis at the Eurasian Development Bank, said.

Around 11 percent of Armenia’s GDP is accounted for by remittances.