ArmInfo. Inflow of commercial and non-commercial transfers to Armenia via bank system totaled 165 mln USD in dollar terms in Jan-Feb 2016 growing by 3.4% year-over year. According to the data provided by the Armenian Central Bank, in AMD terms inflow of transfers of physical and legal entities totaled 81 bln AMD with 6.3% y-o-y growth for the period under review.
At year end-2015 inflow of commercial and non-commercial transfers via bank system totaled 1.624 bln USD in dollar terms, dropping by 23.5% compared to 2014. In AMD terms the drop of the inflow transfers was less significant-by 12% in 2015 to 776.3 bln AMD.
Most of inflow transfers in 2015 were in Rubles- 46.3%, totaling 45.7 bln Rubles, with 5.7% growth compared to the indicator of last year.
According to the CBA data, net inflow of transfers from Russia declined from 1.3 bln USD to 719 mln USD in 2015 in fact dropping 2-fold and reaching the indicator of crisis 2009 (760 mln USD with 2-fold y-o-y drop). Prevailing of transfers inflow from Russia upon outflow from Armenia to Russia declined within recent 3 years to 3.3-fold from 8.5- fold (versus 4.5-fold in 2009).
Inflow of non-commercial transfers to Armenia reduced in 2015 by 23.5% to 1.6 bln USD amid decline of outflow by 16.2% to 0.8 bln USD. Russia has the majority share both in inflow and outflow-63% and 37% respectively. The experts think that the situation will further worsen, which will lead to migration of seasonal workers from Russia and in case the economic situation in Russia does not improve, the transfer flow will further decline. Drop of import and transfers testify to reduction of consumer demand and population income. Trend of transfers and turnover decline will lead to shock of Armenian balance of payments.