In Jan-Feb 2015 Private Bank Transfers to Armenia Reduced by 46% Conditioned by 54% Revenue Reduction from Russia

In Jan-Feb 2015 private bank transfers inflow to Armenia reduced by 46% conditioned by 54% revenue reduction from Russia. In total, 57% of private bank transfers inflow falls to the share of Russia.

According to the data published in the monthly report of Armenian Central Bank, there has also been significant inflow reduction from the USA - 39%, which makes 14% of private bank transfers to Armenia.

Meanwhile, private bank transfers outflow abroad has increased by 86% - 14-fold to Germany, 5-fold to the USA, 4.5-fold to Turkey, 3.5-fold to the UAE and 3-fold to China, while the outflow to Russia has reduced by 6.7%.

According to the source, non-commercial transfers make 78% of inflows, which reduced by 46.5% in Jan- Feb. compared to Jan-Feb 2014 the indicator has reduced by 40.4% and as of April 1,2015 it makes 122.4 mln USD. Most of non-commercial transfers inflow were from Russia - 70% which reduced by 51% in Jan-Feb - annually almost twice - making 84.9 mln USD as of Mar 1, 2015. 12% of total of non- commercial was fro3m the USA - reduced by 32% in Jan-Feb with 20% (up to 15.9 mln USD) annual growth.

In Jan-Feb the private bank transfers outflow from Armenia reduced by 17% conditioned by the slump of transfers to Russia by 19%, which makes 71% of the country's share. Compared to Jan-Feb 2014 the non- commercial private transfers outflow reduced by 12% - up to 44.3 mln USD conditioned by the 2-fold slump of outflow to the USA, Ukraine, Germany, China, Turkey, France and 3-fold to the UAE. There has been 9% annual growth pf money transfers to Russia, which makes 69% of the total of non-commercial transfers outflow or 30.3 mln USD. 

To note, in its monetary policy the Armenian Central Bank has forecast a 30% reduction of USD private transfers and slow growth of transfers in RUR in Q1.