ArmInfo.The slowdown of private transfers via the banking system of Armenia continued in the first half of 2015 to 40% amounting to $682.7 million. According to the Armenian Central Bank's monthly bulletin, Russia accounted for 60% of the total private remittances to Armenia.
Outflow of the private remittances via the banking system of Armenia for the same period fell 13.5%, as remittances to Turkey fell 41.3%, the ones to China fell 36.7%, U.S. - 31.7%, Spain - 23.7%, and France - 8.6%. Yet, Russia accounted for 35% of total private remittances from Armenia. The growth of the absolute indicator was 7.5% versus.
According to the source, non-commercial private remittances accounted for 78.7% of total private banks remittances to Armenia that fell 30.5% year over year to $537.1 million. The private remittances from Russia accounted for 74.4% of total non-commercial remittances with a 36.4% y-o-y decline to $399.4 million. U.S. accounted for 10.8% of total, with a 24.8% y-o-y growth to $57.8 million
Outflow of non-commercial private money remittances via the banking system of Armenia fell 9.8% to $150 million, as the remittances to all main destinations, except Russia, fell. Russia accounted for 64.5% of total outflow of non-commercial private remittances or $96.8 million with a 2.2% y-o-y growth. As of July 1, there were 8 payment and settlement systems in Armenia: MoneyGram, Bistraya Pochta, BLIZKO, Avers, InterExpress, Private Money, and the leaders in the system UNIStream and Anelik. Several banks in Armenia have recently connected to SMT and F5 systems.
According to the Armenian Central Bank's updated forecast, the private money remittances will fall 25% in 2015 (in terms of USD) versus the previously predicted 30% decline.