YEREVAN, September 1. /ARKA/. Individual money transfers through Armenia’s banks grew 7.6% in July 2016, compared with the previous month, but shrank, compared with the same month a year before, to $145.59 million, the Central Bank of Armenia reports.

Transfers abroad from Armenia totaled about $56.4 million in July 2016 showing a 13.2% year-on-year decline and 3.6% month-on-month growth.

As a result, the net inflow of remittances in Armenia amounted to about $89.2 million showing a 22.2% year-on-year decline and a 10.3% month-on-month growth.

About 65.9% of the inflow of transfers in Armenia came from Russia in July 2016, while in the past years Russian transfers made up 70 to 80 percent of the total amount.

About $96 million were received in Armenia from Russia in July 2016 – 18.3% year-on-year decline and 9.8% month-on-month growth, and outflow from Armenia to Russia grew 1% over one year and 6.8% over one month to $22.8 million.

The central bank expects significant slowdown in decline of remittances from Russia to Armenia (6-8%).

In 2015, money transfers to Armenia shrank 30% to $1 208.47 million mainly because of significant devaluation of the Russian ruble. ($1 – AMD 474.75). --0---