Private remittances from Russia to Armenia drop by 30.1% to $915.9 mln

Private remittances from Russia to Armenia drop by 30.1% to $915.9 mln

PanARMENIAN.Net - Private remittances from Russia and other countries to Armenia amounted to about $1 208 million in 2015, a reduction of 30.1% or $520 million compared to 2014, the Central Bank of Armenia said in a statement Monday, February 1.

Remittances from Armenia to foreign countries stood at about $317 million in 2015, down by 6,6% against those of 2014.

Net inflow of remittances to Armenia in the reporting period amounted to approximately $891,4 million, down by 35.8% remitted in 2014.

Remittances to Armenia, sent largely by Armenian labor migrants in Russia and some other countries have been dwindling for the second year in row.

The dramatic decline is blamed on the steep depreciation of the Russian ruble.

Still, the bulk of remittances – about 76% of the total private money transfers to Armenia -comes as usual from Russia.

Money transfers from Russia to Armenia in 2015 fell by 36.1% against 2014 to approximately $915.9 million, while remittances from Armenia to Russia increased by 0,6% to $204,5 million.

 Top stories
Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”.
Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision.
The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision.
Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.
Partner news
---