Wednesday, September 10 2014 12:56
Private transfers flow out of Armenia faster than they flow in
ArmInfo. In Jan-July 2014 the inflow of private non-commercial transfers through Armenian banks grew by 2.8%, while the outflow grew by 12% against 5 times and 8 times, respectively, in Jan-July 20013. As a result, the net inflow grew by just 0.7% against 5-time growth a year before to $771.2mln.
According to the monthly report of the Central Bank of Armenia, in Jan- July 2014 the inflow of transfers dropped from $1.22bln to $1.19bln ($967.9mln in non-commercial transfers), while the outflow grew from $461.3mln to $492.8mln ($196.6mln in non-commercial transfers).
As many as 82.3% of incoming transfers or $796mln were from Russia against 84.6% a year before, 5.8% or $56mln from the United States (4.7%), 1.3% or $15.9mln from Kazakhstan (1.4%), 1.2% from Germany (0.8%), 0.9% from France (0.8%), 0.8% from Ukraine (1.6%), 0.1% from Turkey (0.1%).
Almost 56.9% of outgoing transfers or $111.8mln were to Russia, 10.1% or $19.8mln to the United States, 4% to China, 3.4% to Ukraine, 2.7% to Germany, 2.1% to the United Arab Emirates, 2% to France, 1.4% to Spain, 1.2% to Turkey and 0.9% to Kazakhstan.
In 2013 the inflow of private non-commercial transfers through Armenian banks grew by 10.8% to $1.869mln, the outlofw grew by 9.8% to $324.2mln. As a result, the net inflow grew by 9.7% to $1.545bln.
This year the CB expects 4.5-6.5% growth in private transfers.
According to the CB, as many as 1.494mln people got out of Armenia in 2013 (17.5% more than in 2012). Some 1.452mln came into the country during the same period. 670,000 of them went to Russia against 540,000 a year before. Almost 130,000 Armenian citizens officially worked in Russia in 2013 (4% more than in 2012).
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