Individual transfers to Armenia reduce 10.9% to $109 million in Jan-Feb 2016
Over $109 million came to Armenia through the country's banks as noncommercial individual remittances in January and February 2016, the Central Bank of Armenia reports in a fresh issue of its monthly bulletin.
This is 10.9 percent less that the amount received in Armenia at the same period a year before.
About $40.9 million was transferred abroad from Armenia in January and February 2016 against $44.3 million in Jan-Feb 2015 – a 7.7% year-on-year decline.
Net inflow amounted to about $68.1 million in Jan-Feb 2016 against $78.1 million at the same period a year earlier.
Russia, with 63.9%, dominates the remittances received in Armenia. Transfers from Russia totaled about $69.6 million in Jan-Feb 2016 (18% year-on-year decline) and remittances from Armenia to Russia amounted to $30.4 million (0.3% growth).
More than $62.2 million was received in Armenia in February alone – 8.7% less than in February 2015. In 2015, money transfers to Armenia shrank 30% to $1 208.47 million mainly because of contraction of Russian transfers due to significant devaluation of the Russian ruble. ($1 – AMD 482.61). ---0----