YEREVAN, March 4. /ARKA/. Private remittances from Russia and other countries to Armenia amounted to about $54.2 million in January 2015, a reduction of 34.8% compared to January 2014, according to the latest statistical data posted by the Central Bank.

Remittances from Armenia to foreign countries in January 2015 stood at about $17.1 million, down from $20.9 million in January 2014. Net inflow of remittances to Armenia in the reporting month amounted to approximately $37 million, down from $78.6 million remitted in January 2014.

The bulk of remittances – about 68.4% of the total private money transfers to Armenia -comes as usual from the Russian Federation.

Money transfers from Russia to Armenia in January 2015 fell by 43.1% if compared with January 2014 to approximately $37.2 million, while remittances from Armenia to Russia increased by 6.3% to $11.12 million.

Private remittances to Armenia dropped by 7.5% during 2014 to $1.73 billion drams or 15.7% of the country’s GDP. The drop occurred last year mainly due to reduced remittances from Russia because of its weakening ruble.

According to the central bank’s projections, private money transfers will fall by 30% in 2015. –0--