Private transfers to Armenia down by 40% in 9 months

PanARMENIAN.Net - Private remittances to Armenia amounted to $108.1 million in September, 2015, against $169.7 million in the same period of last year.

According to the Central Bank of Armenia, the net inflow of private transfers to the country totaled $896.8 million in the first 9 months of 2015, a drop of 40.5.% against $1.323 bln in the same period of 2014.

In September 2015, 76% of private remittances to Armenia, amounting to about $82.2 million, came from Russia. Transfers from Russia to Armenia in January-September 2015 decreased by 37.9% against the same period of 2014 to amount $684.5; remittances from Armenia to Russia totaled $150.3 million, with the net inflow of transfers totaling approx. $534 million.

The decrease in Russian transfers is caused by the devaluation of the ruble in the international markets in 2014-2015 and a drop in Russian economy.