YEREVAN, 28 November. / ARKA /. Private remittances from Russia and some other countries to Armenia continued to fall in October, according to the latest statistical data posted by the Central Bank.
It said the total transfers made by individuals last month stood at $161.6 million, which is 17.1 percent less than the figure reported for October 2013. Money transfers to Armenia in October 2014 were 5 percent less from the previous month.
Remittances from Armenia to foreign countries in October 2014 stood at $28.14 million, down from $28.5 million in October 2013. Net inflow of remittances to Armenia in October 2014 amounted to approximately $133.5 million, down from $140.2 million remitted in September 2013 (a 7 percent decline).
The bulk of remittances – about 85% of the total private money transfers to Armenia -comes as usual from the Russian Federation. The drop in private remittances in October is blamed by experts on reducing remittances from Russia because of its weakening ruble.
Money transfers from Russia to Armenia in October 2014 fell by 19 percent if compared with October 2013 to approximately $137.5 million (a decline of 6% in one month), while remittances from Armenia to Russia increased by 7.7 percent to $17 4 million (monthly increase of 7%).
According to the Central Bank, in 2013 a total of $1.869.7 billion were remitted to Armenia by private persons (about 17.3% of GDP). ($ 1 – 433.69 drams). -0-
