YEREVAN, March 31. / ARKA /. Private remittances sent to Armenia mainly by Armenian labor migrants via banks for non-commercial purposes slashed by 35.5 % in 2015 February when compared to 2014 February to $68.1 million, according to the Central Bank of Armenia. However, compared with 2015 January, they were 25.5% higher.

Remittances from Armenia to other countries in the same time span fell to about $26.8 million from $29.3 million in 2014 February, but compared with 2015 January they were about 53.8% higher. As a result the amount of net inflow of remittances in 2015 February declined to $41.2 million from about $76.4 million in February 2014. But compared with 2015 January the net inflow was 12% higher.

As usual, Russia accounted for the bulk of private remittances to Armenia - about 70% of the total money transfers.

Money transfers from Russia to Armenia in 2015 February decreased by 42.8.4% from February 2014 to approximately $47.7 million, (but they were 28.2% higher when compared to 2015 January), while the amount of remittances from Armenia to Russia increased by 14.2% to $18.9 million. They were 66.4% higher if compared from 2015 January.

Remittances to Armenia in 2014 were 7.5 % down from the previous year to $1.73 billion or 15.7% of GDP.

The decline in the private remittances is 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 that lost half of its value is cited as another major reason for the decline in the amount of private remittances to Armenia.

Armenian Central bank expects the amount of private remittances to Armenia to slash further by 30 percent more this year. ($1 – 471.13 drams). —0–