Private remittances to Armenia in September up by 0.37%

03.11.2016 17:21
Private remittances to Armenia in September up by 0.37%

YEREVAN, November 3. /ARKA/. Private remittances sent to Armenia via banks in 2016 September increased by 0.37% when compared to the previous month to $146.8 million, according to the Central Bank of Armenia. However, when compared to 2015 September the amount was down 13.27%.

Remittances sent from Armenia abroad totaled about $80.2 million, an increase of 27.7% compared with September 2015 and an increase of 33.42% compared with the previous month of August. Thus, the net inflow of remittances in 2016 September amounted to approximately $66.6 million, which was 37.45% less than in the same period last year and 22.6% less when compared to 2016 August.

Approximately 60.6% of the total remittances came from Russia, down from 70-80% in the previous years.

More specifically, remittances sent from Russia in 2016 September slashed by 28.2% from the year ago to approximately $89 million. Compared to 2016 August their amount was down by 11.6%. The outflow of remittances from Armenia to Russia increased by 27.7 % year-on-year to $27.9 million, but when compared to 2016 August the amount was up by 25.4%. Armenia’s Central Bank expects a 6-8% drop in the amount of remittances from Russia this year.

In 2015 remittances to Armenia decreased by 30% from the previous year to $1.208.5 billion, blamed on economic crisis in Russia and dramatic depreciation of its ruble. ($ 1 - 475.84 drams). -0-


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