Difficulties in Russian economy did not affect Armenian economy – Central Bank official

18.04.2014 16:19
Difficulties in Russian economy did not affect Armenian economy – Central Bank official

YEREVAN, April 18. / ARKA /. The problems experienced currently by the Russian economy have had no adverse effect on the financial stability of Armenia, said Andranik Grigoryan, head of a Central Bank department in charge of stability and financial system development.

According to the Central Bank data, private remittances to Armenia in January-February this year amounted to $205.1 million, up almost 10 percent from the same time span in 2013. Almost 80% of total private money transfers - approximately $ 164 million- came from Russia.

According to Grigoryan, the amount of money transfers from Russia is on the continuing rise having
positive effect on the financial stability of Armenia, but the Central Bank has modeled possible developments in the case of a significant decline in private remittances from Russia.

"Since we have a fairly high level of capital adequacy - much higher than the minimum required, and along with that we have a sufficiently liquid financial system the impact of a possible decline in remittances will not have significant effect on our financial stability," said Grigoryan.

According to Russian economic development ministry, the growth of economy in the first quarter of 2014 was only 0.8 %. -0-


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