YEREVAN, November 6. / ARKA /. A total of $1.323 billion were remitted to Armenia via banks to individuals for non-commercial purposes in January-September 2014, a 0.4% rise year-on-year, the Central Bank of Armenia said today.
“The bulk of remittances to Armenia comes as usual from Russia. If we do not take into account the depreciation of the Russian ruble against the US dollar (in nine months it lost about 11%), the growth of remittances to Armenia would make 8% “, the regulator said.
The remittances from Russia to Armenia have been falling for the fourth consecutive month. In June their amount fell by 4.6%, in July by 6.6%, in August by 7.7% and in September by 7%.
The devaluation of the ruble is due to a variety of factors, such as the political crisis in Ukraine, anti-Russian sanctions, lower oil prices, a steady outflow of capital and others.
The ruble weakened significantly Thursday morning, trading below 45 to the U.S. dollar and 50 against the euro-dollar basket the day after Russia’s Central Bank said it was capping market interventions in defense of the currency. In Armenia the ruble traded today at 9.3 drams against 12.26 drams on January 8, 2014.
According to the Central Bank, a total of $1.869.7 billion were remitted to Armenia in 2013 (about 17.3% of GDP). ($ 1 – 413.51 drams). -0-
