YEREVAN, July 7. / ARKA /. Private money transfers arriving in Armenia through banks for non-commercial purposes in January-May 2017 surged by 18.4% from the same time span of 2016 to more than $577.1 million, the Central Bank said.

It said in May alone, $154.9 million were received as money transfers, by 41.4% more than in May 2016. The growth was secured by an increase in the inflow of remittances from Russia. More exactly, money transfers from Russia in the first 5 months of 2017 increased by 17.6% when compared to the same period in 2016 to $313.3 million.

The outflow of money from Armenia to Russia fell by 1.7% to $143.9 million. Overall, money transfers from Armenia to other countries in the reporting period of time grew to about $356.6 million from $313.9 million in January-May 2016. The net inflow of money transfers amounted to about $220.4 million against about $173.2 million in the first 5 months of 2016, according to the regulator.

According to the Central Bank, money transfers to Armenia last year slashed by 6% year-on-year to $1.532.8 billion, while the outflow increased by 7.3% to $816.9 million. The net inflow was about $715.9 million, a decrease of 17% from 2016. -0-