YEREVAN, October 6, /ARKA/. A total of $638.8 million were transferred to individuals in Armenia in the first eight months of 2010 from Russia via banks, by 13% more than in the same time span last year, the Central Bank of Armenia said in its monthly bulletin for August posted on its official website

Meanwhile a total of $94 million were transferred from Armenia to Russia, by 31.1% less than in January-August 2009 when the figure was $136.5 million. As a result the net inflow of money transfers to individuals in Armenia from Russia was $544.8 million, up from $428.9 million from a year before. The growth was 27%. Actually, Russia accounted for 67.7% of non-commercial remittances to individuals in Armenia and 21.3% of similar transfers from Armenia.

According to Central Bank data, a total of $942.7 million were remitted to individuals in Armenia in January-August this year via banks, by 5.3% less year-on-year. Remittances from Armenia to other countries dropped by 0.5% year-on-year to $441.8 million. As a result the net inflow of money transfers from abroad dropped to $500.9 million, contracting by 9.2% from a year before. ($1 – 360.52 Drams). -0-