Friday, March 28 2014 18:10
Central Bank of Armenia expects growth rates of individuals' money transfers to slow down in 2014
ArmInfo. The Central Bank of Armenia (CBA) expects the growth rates of individuals' money transfers to slow down to 7-9% in 2014 (versus the previously expected 8- 10%), the CBA's monetary policy program for Q1 2014 says.
The CBA says that in 2013 the net inflow of non-commercial transfers of individuals grew by 11.3% (versus 8.9% growth in 2012) to $1.5 bln. In the meantime, the inflow of private non-commercial transfers to the country totaled $1.9 bln (up 10.8% versus 2012), and the outflow grew by 10.9% to $324.2 mln.
The source says that the total amount of money transfers to Armenia increased due to the growth in transfers from a number of countries: Germany - by 32.2% to $15.6 mln, the USA - by 23% to $82 mln, France - by 22.5% to $14.5 mln, Russia - by 11% to $ 1.6 bln, Kazakhstan - by 5.3% to $23.7 mln. Transfers from Ukraine dropped by 10.5% to $17 mln, those from China declined over twofold to $1.4 mln. Most of the individuals' transfers to Armenia were from Russia - 86%, with the following countries ranking next: the USA - 4.4%, Kazakhstan - 1.3%, Ukraine - 0.9%, Germany - 0.8%, France - 0.8%.
More than half of the private money transfers from Armenia were to Russia - $180.3 mln (up 9.6% versus 2012). The transfers to Ukraine dropped by 4% to $14.8 mln.
The biggest share of the net inflow (92.3% or $1.4 bln) was from Russia (up 11.4% versus 2012). Unfavorable balance of non-commercial transfers of individuals was fixed in the transfers from the UAE - $150 thsd, China - $10.4 mln, and Turkey - $2.5 mln.
To note, for the moment 10 payment and settlement systems are operating in Armenia: MoneyGram, Bystraya Pochta, BLIZKO, Avers, IntelExpress, InterExpress, Private Money, Sigue Money Transfer, and the largest ones are UNIStream and Anelik.
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