Transfers from Russia to Armenia comprised $ 919 million in 2008

PanARMENIAN.Net - Volume of transfers from Russia via payment systems comprised $13, 7 billion in 2008, major part of which was transferred by gastarbeiters from CIS countries. Recently demand for their services has been decreasing, along with their profits and transfer volumes. Still payment systems providers promise not to raise transfer tariffs.



Work migrants provide a major part of money traffic from Russia to CIS countries. "From the beginning of 2000 the market of money transfers was developing at high rates, showing annual increase of 25-30 35%. The dynamics was explained by increasing difference in life standards and economic growth between different CIS countries, forming 80% demand in transfer segment. Main generators of work migrants outflow were Moldova, Ukraine, Kirgizstan, Tajikistan, Armenia and Uzbekistan," UNIStream director Suren Hayiryan stated.



Money outflow from Russia contributed to many CIS countries economy. According to WB data, migrants' transfers comprise 45% of Tajikistan GDP and 38% of Moldavia GDP.



According to WB data, Russia is ranked 5th in the list of leading countries from where money transfers are effected, preceded by US, Saudi Arabia, Switzerland and Germany. In migrant inflow ranking Russia yields to USA only.



According to Bank of Russia, transfers from Russia to Armenia comprised $ 919 million in 2008. "2008 was a record-breaking year for transfers from Russia to Eastern Europe and CIS," Western Union Regional Vice-President for Eastern Europe and CIS countries Jonathan Knaus stated.



Over 90 % of total sums were transferred from CIS countries: Uzbekistan - $2,9 billion, Tajikistan - $2,5 billion, Ukraine - $1,6 billion, Azerbaijan - $825 million, Georgia - $804 million, Turkmenia - $40 million



Foreign countries transfers from Russia comprised: China - $400 million, Turkey - 80 million.