Money transfers from Russia to Armenia drop by 43,1%: CBA

PanARMENIAN.Net - Private remittances from Russia and other countries to Armenia amounted to about $54.2 million in January 2015, a reduction of 34.8% compared to January 2014, according to the latest statistical data posted by the Central Bank, ARKA reports.

Remittances from Armenia to foreign countries in January 2015 stood at about $17.1 million, down from $20.9 million in January 2014. Net inflow of remittances to Armenia in the reporting month amounted to approximately $37 million, down from $78.6 million remitted in January 2014.

The bulk of remittances – about 68.4% of the total private money transfers to Armenia -comes as usual from the Russian Federation.

Money transfers from Russia to Armenia in January 2015 fell by 43.1% if compared with January 2014 to approximately $37.2 million, while remittances from Armenia to Russia increased by 6.3% to $11.12 million.

Private remittances to Armenia dropped by 7.5% during 2014 to $1.73 billion drams or 15.7% of the country’s GDP. The drop occurred last year mainly due to reduced remittances from Russia because of its weakening ruble.