YEREVAN, October 6. / ARKA /. The amount of remittances sent home by Armenian labor migrants from the Russian Federation is falling as Russian ruble's free fall extends into new record-breaking territories. According to the Central Bank of Armenia, the amount of private remittances in August 2014 from Russia arriving through the banks for non-commercial purposes decreased by 7.7% from August 2013, to about $161.6 million.

The downward trend has been observed for the third consecutive month. Thus, the amount of Russian money transfers to Armenia in June fell by 4.6%, by 6.6% in July and by 7.7% in August.

A former head of the Central Bank of Armenia, Bagrat Asatryan, blames the drop on depreciating ruble that hit a new historical low today falling behind 40 rubles for a USD. In Armenia the Russian ruble lost 15% since the beginning of the year trading on October 6 at 10.27 drams, down from 12.26 drams at the beginning of the year.

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The amount of private remittances sent to Armenia in May 2013 via banks for non-commercial purposes increased by 6.5 percent from 2012 May to

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Money transfers via “Anelik” system will be processed at very affordable fees now, Anelik Bank reported Monday

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