YEREVAN, July 1. /ARKA/. Private transfers to Armenia through the country’s banking system amounted to about $302.2 million in January-April 2015, a decline of 34.9% compared to the same period of 2014, The Central Bank of Armenia reports in its monthly information handbook for April 2015.
Transfers from Armenia amounted to about $103.3 million in four months against $111.8 million in the same period of 2014 (decrease of 7.6%). Net inflow was about $198.9 million in the period compared to $352.4 million in January-April 2014.
The bulk of transfers to Armenia, about 71%, are from Russia. Money transfers from Russia to Armenia amounted to about $214.8 million in January-April (42.3% decrease); transfers from Armenia to Russia were $66mln (5.5% increase).
Remittances to the country in April only amounted to over $95.9 million, a decline of 28% compared to April 2014.
Private remittances to Armenia fell by 7.5% to $1.73 billion in 2014 or 15.7% of the country’s GDP. Overall reduction in transfers last year was caused mainly by decline in remittances from Russia due to ruble devaluation. Russian ruble has depreciated against US dollar by more than 50% since the beginning of 2014. ($1 – 472.53 drams). –0–
