YEREVAN, April 18. / ARKA /. About $122.3 million were remitted to Armenian as private money transfers through the banks in the first two months of 2015, by 40.4% less from the first two months of 2014, the Central Bank said in its bulletin for February.

Remittances from Armenia to other countries fell to $44.3 million from $50.3 million in the first two months of 2015, a 12% decline. The net inflow of remittances was about $78 million, down from $155 million in January-February 2014.

The bulk of remittances to Armenia - about 69.4% or $84.9 million- came as usual from Russia. Their amount was 48.3% down from the same time span of 2014. Remittances from Armenia to Russia grew by 9% to $30.3 million.

In February 2015 some $68.1 million were remitted to Armenia as private money transfers, a 35.5% decrease from February 2014.

The decline in private remittances is blamed on the continuing economic stagnation in Russia that currently experiences also 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 said it expects the amount of private remittances to Armenia to slash further by 30 percent this year. ($ 1 - 472.28 drams).-0-