Private noncommercial remittances to Armenia shrink 10.4% in Jan-Oct 2016 to $1 197.7 million

09.12.2016 14:25
Private noncommercial remittances to Armenia shrink 10.4% in Jan-Oct 2016 to $1 197.7 million

YEREVAN, December 9. /ARKA/. Over $1 197.7 million came to Armenia through banks in January-October 2016 as private noncommercial money transfers – 10.4% less than at the same period a year earlier, the Central Bank of Armenia says in a fresh issue of its monthly bulletin.

Remittances from Armenia abroad totaled $641.1 million in Jan-Oct 2016 against $598.1 million in Jan-Oct 2015 (7.2% growth).

Net inflow amounted to $556.5 million against $738 million respectively.

The bulk of the transfers received in Armenia were sent from Russia – about 60.8% of the total amount of private transfers.

Private remittances received from Russia shrank 13.6% decline in Jan-Oct 2016 to $727.7 million, while outflow from Armenia grew 30% to $280.5 million.

More than $136.5 million were received in Armenia in October 2016 (5.7% year-on-year decline).
Money transfers to Armenia contracted by 30% to $1 208.47 million in 2015.

The decline was mainly due to the reduction in remittances from Russia caused by dramatic devaluation of the Russian national currency. ($1 – AMD 482.84). --0----


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