YEREVAN, December 7. /ARKA/. Private transfers from Russia to Armenia shrank 38% in Jan-Oct 2015, compared with the same period a year earlier, to $769.6 million, the Central Bank of Armenia reports on its official website.
This decline was caused by a long-lasting devaluation of the Russian ruble that began in 2014.
Remittances from Russia to Armenia have shrunk 10.7% over the entire 2014 for the first time since 2009.
Despite the considerable contraction in money transfers from Russia, they continue dominating the total amount of the country’s transfers.
In particular, their share in the total amount was 76.5% in Jan-Oct 2015.
According to the central bank’s report, $169.4 million was sent from Armenia to Russia in Jan-Oct 2015 – 4.5% more than at the same period a year before.
Net inflow of private remittances to Armenia from Russia reduced 44.4% in Jan-Oct 2015, compared with the same period a year before, to $600.2 million.
Transfers form Russia to Armenia amounted to about $84.9 million in October alone showing a 38% year-on-year decline.
The amount of money transfers received in Armenia in Jan-Oct 2015 exceeded $1 billion – a 32.3% year-on-year decline. —0—-
