YEREVAN, January 13. / ARKA /. Private remittances sent to Armenia mainly by Armenian labor migrants via banks for non-commercial purposes in 2014 November slashed by 31 percent from the year before to over $116.5 million, according to the Central Bank of Armenia.

Remittances from Armenia to other countries in the same time span fell to about $26.4 million from $28.5 million in 2013 November. Thus, the amount of net inflow of remittances in 2014 November declined approximately to a little over $90.1 million, down from about $142 million in 2013 November.

As usual, Russia accounted for the bulk of private remittances to Armenia - about 81.6% of the total money transfers.

According to economists, the decline in the private remittances is to be blamed on the continuing economic stagnation in Russia  that currently also experiences the negative effects of Western sanctions imposed over the crisis in Ukraine. The continuing devaluation of the Russian ruble is cited as another major reason for the decline in the amount of private remittances to Armenia as the ruble today can buy fewer dollars and Euros.

Money transfers from Russia to Armenia in 2014 November decreased by 35.4% from November 2013 to approximately $95.1 million, while the amount of remittances from Armenia to Russia increased by 13.5% to $17.5 million.

The downward trend in remittances from Russia has been observed for the sixth consecutive month. Thus, their amount  in June fell by 4.6%,  by 6.6% in July, by 7.7% in August, by 7% in September, growing to 19% in October and 35.4% November.

According to the Central Bank, about $1.9 billion were remitted to Armenia in 2013 (about 17.3% of GDP). ($ 1 - 474.93 drams). -0-