YEREVAN, October 12. /ARKA/. More than $1 billion has come to Armenia through banks over a period between January and August 2017 as individual noncommercial money transfers, the Central Bank of Armenia reports on its official website.

This amount is larger than that received at the same period a year before by $160 million or 17.5%.

Money transfers from Russia grew 16.6% in Jan-Aug 2017, compared with the same period a year before, to $642 million and transfers from Armenia to Russia amounted to $232.5 million accounting for a 8.9% month-on-month growth.

Transfers from Armenia abroad totaled around $604.4 million in Jan-Aug 2017 against $484.8 million in Jan-Aug 2016 (24.6% year-on-year growth).

Net inflow of individual noncommercial remittances amounted to $469.9 million in Jan-Aug 2017 against $429.5 million in Jan-Aug 2016.

According to the central bank, money transfers to Armenia totaled $1 532.8 million in 2016 (a 6% year-on-year decline) and outflow from the country amounted to $816.9 million (a 7.3% growth).

As a result, net inflow stood at around $715.9 million (a 17% year-on-year decline). --0----