Saturday, February 5 2011 15:27

Forecast of Central Bank of Armenia: Money transfers of individuals to increase by 9-13% in 2011


ArmInfo. In 2011 the turnover of private (non-commercial) transfers in Armenia will increase by 9-13%. The monetary policy program for Q1 2011 of the Central Bank of Armenia (CBA) says that this will be conditioned mostly by the economic development of Russia (according to the IMF's forecast, the economic growth of Russia in 2011 will make up 4.5%).

According to the source, in 2011 export of commodities and services in USD terms is expected to grow by 13-15%. At the same time, the real growth of export of commodities and services will range from 6% to 8%. Meanwhile, import of commodities and services in USD terms will grow by 9-11%, while real reduction of import of commodities and services will be registered. The CBA says that in Q4 2010 the inflow of individuals' private transfers to the republic via the commercial banks annually increased by 20,7%, and the outflow - by 7,7%. As a result, the net inflow of transfers grew by 23,5%. Over 2010 the total net inflow of transfers grew by 15,4%.
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