YEREVAN, September 8, /ARKA/. Individual money transfers to Armenia through banks in the first seven months of 2010 contracted by 9.1% year-on-year ($77.4 million) to $776.9 million, the Central Bank of Armenia said in its monthly information bulletin, posted on its official website.

The volume of money transfers from Armenia to other countries grew by 3.5% to $380.5 million. The net inflow of remittances in the reporting period of time dropped to $396.4 million from $486.5 million from a year before (an 18.5% decline). The largest net inflow came from Russia- $434.9 million.. ($1 – 363.5 Drams). -0-