Private remittances to Armenia drop by almost 9 percent in April
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.
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). -0-