YEREVAN, July 9. / ARKA /. Private money transfers to Armenia in the first five months of 2015 through banks for non-commercial purposes slashed by 32.8% from the same time span of 2014 to about $ 408.6 million, the Central Bank said in its monthly information bulletin for May.

Money transfers from Armenia to other countries declined by 8.8% to about $125.3 million, down from $137.5 million in the first five months of 2014. The net inflow of money transfers in the reporting period of time was $283.2 million, down from $471.1 million in January-May 2014.

As usual, Russia accounted for the bulk of money transfers - about 72.5% of the total amount or $296.2 million. The figure represented a 40% decline year-on-year, while money transfers from Armenia to Russia grew by 2.8% to $80.6 million.

In May 2015 some $106.3 million were remitted to Armenia, a decrease of 26% compared with May 2014, but when compared to April, the amount was higher by 10.8%.

In 2014 remittances to Armenia decreased by 7.5% from the previous year to $1.73 billion (15.7% of the GDP). The decline was blamed on slashed money transfers from Russia because of a significant devaluation of the Russian ruble. -0-