CBA: 25% growth recorded in remittances to Armenia in Q1 2011

PanARMENIAN.Net - Head of the Central Bank of Armenia Arthur Javadyan said that 25% growth was recorded in remittances to Armenian in the first quarter of 2011 compared to the same period in 2009.

The net cash inflow during the same period increased by 35%, Javadyan said after a meeting of heads of the country’s banks with participation of Armenian President Serzh Sargsyan.

“It is also a positive phenomenon, which will allow Armenia to maintain the macroeconomic stability and secure good results in the country’s financial system,” concluded Javadyan.

Remittances at the amount of $195,3mln were received by physical persons in Armenia in January-February 2011.

According to the CBA monthly bulletin, the figure increased by 23,5% ($37mln) compared to the same period in 2010.

Besides, 15,2% growth was recorded in the amount of remittances from Armenia, totaling $96,7mln in January-February 2011 against $83,9mln during the same period in 2010. The net cash inflow increased by 32,8% during the reporting period, amounting to $96,7mln against $83,9 in January-February 2010.

The largest amount of remittances was received from Russia ($102,8mln), followed by Kazakhstan ($2,2mln) and Germany ($743thous).