Mon, 8 September
19.1 C
Yerevan
USD: 384.03 RUB: 4.80 EUR: 443.29 GEL: 142.29 GBP: 510.11

Private remittances to Armenia drop by almost 9 percent in April

YEREVAN, June 1, /ARKA/. Private remittances sent to Armenia in 2016 April via banks slashed by 8.9% year-on-year to $104.4 million, according to Armenia’s Central Bank data. When compared to March 2016 the amount of remittances was down by 3.2%.

The amount of remittances sent from Armenia abroad in 2016 April totaled about $65 million, an increase of 11.4% from the year before. Thus, the net inflow of remittances in 2016 April amounted to approximately $38.6 million, which was 30.5% less from the same period last year.

About 60% of the remittances came from the Russian Federation, down from 70%-80% in the previous years.

Money transfers from Russia in April 2016 decreased by almost 15% year-on-year to approximately $62.2 million. They were down 4.8%, when compared to 2016 March. Remittances from Armenia to the Russian Federation increased by 31. 6% to $26.6 million. But compared to 2016 March the amount was down by 24.5%.

Armenia’s Central Bank said meanwhile that the drop in remittances from Russia this year will slow down to 6-8% as opposed to 2015.

It also said that private transfers will be having contractile effects on domestic demand, which will be mitigated by expansionary monetary and fiscal policies and low deflationary environment.

Remittances to Armenia in 2015 decreased by 30% to $1.2 billion. The dramatic drop was blamed on the huge depreciation of the Russian ruble and economic decline there. ($ 1 – 479.03 drams). M.V.-0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

ACBA Federation promotes rural tourism in Armenia: the success story of Manana guest house (video)

Four years prior, Astghik Ghazaryan, a professional educator, established the Manana guest house in her hometown of Marmarik.

Freedom Broker Armenia ranks as one of the largest taxpayer in Armenia

Freedom Broker Armenia has been recognized as one of the largest taxpayers in the country, underscoring its leadership in the investment sector and commitment to sustainable business practices.

Armenia to receive 45.3 million euros from ADB to improve healthcare quality

Armenia will receive 45.3 million euros from the Asian Development Bank (ADB) to improve healthcare quality, said First Deputy Minister of Health of the Republic of Armenia Lena Nanushyan during a meeting of the parliamentary standing committee on financial, credit and budgetary issues.

The UAE instead of Europe : why Armenia needs to change its approach to crypto regulation – EXCLUSIVE

The Armenian Forum on Cryptocurrency Assets, organized by the Cilicia Business Club, was recently conducted in Yerevan.

LATEST NEWS

spot_imgspot_imgspot_img