Private remittances to Armenia slash by 30.5% to about $ 537.1 million

18.08.2015 20:09
Private remittances to Armenia slash by 30.5% to about $ 537.1 million

YEREVAN, August 18. / ARKA /. Private remittances sent to Armenia mostly by labor migrants in the first six months of 2015 for non-commercial purposes slashed further by 30.5% from the year earlier to about $ 537.1 million, according to the Central Bank’s monthly bulletin for June 2015.

The amount of remittances from Armenia to other countries in the first 6 months dropped by 9.8% to $150 million. The net inflow of remittances fell to about $387 million from $606.3 million in the first six months of 2014.

The bulk of the money - about 74.3% - comes from Russia. Money transfers from Russia to Armenia in January-June plummeted by 36.3% to about $399.4 million, while remittances from Armenia to Russia grew by 2.1% to $96.8 million.

The amount of remittances to Armenia in June alone fell by 21.6% from 2014 June to $128.5 million.

Remittances to Armenia in 2014 decreased by 7.5% to $1.73 billion (15.7% of the GDP). The decline was blamed on a dramatic devaluation of the Russian ruble. ($ 1 - 477.62 drams). -0-


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