YEREVAN, February 9, /ARKA/. Some $950 million were remitted to Armenian from Russia in 2009 through the banking system to individuals, the Central Bank of Armenia said in its monthly bulletin.

The figure represents a 35% decline from 2008, when Armenians working and living in Russia sent $1.461 billion to relatives at home.

In 2009 December some $101.6 million were remitted from Russia to Armenia making almost 70% of all money transfers to Armenian from abroad in that month.

Money transfers from Armenia to Russia rose last year by 15.5%, from $164.5 million in 2008 to $190.1 million. As a result the net inflow of remittances last year totaled $759.9 million, down from $1,297.3 billion in 2008. The decline was 41.4%.

Russia accounted, as a matter of fact, for 60.3% of all non-commercial remittances to individuals in Armenia. Russia’s share in net inflow of remittances was 92.3%.

According to the Central Bank, the overall amount of individual money transfers last year dropped by 30.6% to $1.575.7 billion. Remittances from Armenia to other countries fell by 33% to $752.4 million. As a result the net inflow of remittances fell by 28.2% to $823.3 million. -0-