YEREVAN, May 8. / ARKA /. Private remittances to Armenia for non-commercial purposes in the first three months of 2015 have slashed by 37.6% from the year before to $206.3 million, according to the monthly bulletin of the Central Bank for March 2015.

Remittances from Armenia to other countries in the first quarter of 2015 dropped by 6.1% from the year before to $76.5 million. The net inflow of remittances thus amounted to approximately $129.8 million, down from $249.5 million in the first three months of 2014.

The bulk of remittances- about 69%- came as usual from Russia. Their amount was $144.3 million, a decline of 45.2% from the year before, while remittances from Armenia to Russia grew by 11.8% to $50 million. Remittances to Armenia in March 2015 fell by 33.2% from the year before to $83.9 million.

Remittances to Armenia in 2014 decreased by 7.5% from 2013 to $1.73 billion (15.7% of the GDP). The decline in private money transfers last year was blamed on the depreciation of the Russian ruble.

According to Armenia’s Central Bank’s estimates, private remittances to Armenia this year are expected to drop further by 30%. ($ 1 - 480.96 drams). -0-