Monday, February 20 2017 19:41
Karine Melikyan

CBA: The inflow of Russian transfers to Armenia reduced in 2016 by 11.1%, while outflows grew by 16.5%

CBA: The inflow of Russian transfers to Armenia reduced in 2016 by 11.1%, while outflows grew by 16.5%

ArmInfo. The inflow of transfers of individuals in Armenia reduced in January-December 2016 by 6.1% per year to $ 1.5 billion, with an increase in the outflow of 7.4% per annum up to $ 817 million. As a result, the net inflow of transfers to individuals decreased by 17.8% per annum. According to the Central Bank's data, the inflow of transfers from Russia to Armenia reduced by 11.1% in 2016 to $ 896.9 million, with an increase in the outflow by 16.5% to $ 333.4 million, which formed a net inflow of transfers from Russia at $ 563.5 million with annual decline by 22%.

The inflow and outflow of transfers dominant on the results of 2016 is Russia 58.5% and 40.8%, against 61.8% and 37.6% a year earlier.  After it, on the specific weight in the total inflow followed by the US 11.5% (against 10.9% in 2015), Germany - 3.4% (against 2.2% in 2015), France - 2% (compared to 1.3 % in 2015), United Arab Emirates 1.3% (against 1.5% in 2015), Kazakhstan - 1.2% (against 2.5% in 2015).  The share of the total outflow in volume Russia is followed by US - 10.3% (against 13.1% in 2015), China - 6.9% (against 7.6% in 2015), Germany - 2.9% (vs. 4.2% in 2015) and the UAE - 2.8% (against 5.5% in 2015). France share in outflows decreased from 2.4% to 1.8%.

According to the source, the inflow of transfers to Armenia declined in 2016 for the following countries as well: Kazakhstan - 2 times, Turkey - 28.6%, UAE - 19.8%, USA - 0.7%. The increase in transfers' inflow was registered from Ukraine - by 44.3%, France - 42.7%, in Ukraine - by 10.7%. As for the outflow, along with Russia, growth was registered on money transfers to Ukraine - by 23% and in Kazakhstan - 2 times, while for the remaining countries was recorded decline in United Arab Emirates - 2 times, Germany - 26 , 1%, France - 19.3%, USA - 15.8%.

In 2016, $ 176.6 million came through transfers from the United States, and from Armenia $ 83.9 million is sent. From Kazakhstan $ 18.9 million was received and sent $ 4.4 million, from the UAE $ 19.5 million was received, and sent $ 22.9 million from Armenia. The influx of transfers from Germany amounted to $ 52.1 million, and outflow from Armenia amounted $ 23.8 million, $ 30.4 million arrived from France and $ 14.6 million was sent. $ 56.6 million was sent to China from Armenia, more than came to Armenia - $ 2.9 million.  Inflow of transfers from Ukraine amounted $ 9.3 million, while the outflow from Armenia - $ 10.7 million.

According to CBA data, in 2015, the inflow of transfers of individuals decreased by 23.5% in Armenia - to $ 1.6 billion, while outflows declined by 16.2% to $ 0.8 billion. In 2015 inflow of transfers to Armenia from Russia declined by 36.1%, with an increase in the outflow from Armenia ito Russia by 0.7%. The dominant share of Russia by the end of 2015 in the inflow and outflow amounted 61.8% and 37.6%, respectively, declining compared the level of a year ago - 83% and 59.8%. According to the Armenian National Statistical Service, the economic activity in 2016 slackened the growth rate from 3.1% to 0.5%. At the same time the foreign trade dynamics improved in 2016 by 20.6% of decline to 7.4% growth, due to the exports from 3.9% decline to 20% growth and the imports - 26.5% decline to 1.6% growth.

POST A COMMENT
Input digits     


News
Armenia should produce high-quality products to have access to many  world markets - KerobyanArmenia should produce high-quality products to have access to many  world markets - Kerobyan
Crossroads of Peace project is bolstered by economic calculations,  Pashinyan assuresCrossroads of Peace project is bolstered by economic calculations,  Pashinyan assures
 Armenia`s pensioners to get cash-back without changing accounts next  year Armenia`s pensioners to get cash-back without changing accounts next  year
Reserve Fund planned to be increased next yearReserve Fund planned to be increased next year
Armenia`s budget deficit could be 4.6% of GDPArmenia`s budget deficit could be 4.6% of GDP
Armswissbank participates in the 28th un climate change conference (cop 28)Armswissbank participates in the 28th un climate change conference (cop 28)
Armenia`s Parliament discussing final version of 2024 draft budgetArmenia`s Parliament discussing final version of 2024 draft budget
UNDP launches innovative community initiative in ArmeniaUNDP launches innovative community initiative in Armenia
Armenia could serve as a bridge between India, Iran and EAEU  member-states - Mnastakan Safaryan Armenia could serve as a bridge between India, Iran and EAEU  member-states - Mnastakan Safaryan 
Ministry of Finance intends to delegate powers of management of  precious metals to other government agencies Ministry of Finance intends to delegate powers of management of  precious metals to other government agencies 
EEC discusses situation at Upper Lars checkpoint EEC discusses situation at Upper Lars checkpoint 
Artyom Ghazaryan was appointed CEO of Artyom Ghazaryan was appointed CEO of "Telcell" company
Politics mixed with economy at Upper Lars checkpoint - Gagik Makaryan  Politics mixed with economy at Upper Lars checkpoint - Gagik Makaryan  
Team Telecom Armenia makes NGN network available in Armenia`s SyunikTeam Telecom Armenia makes NGN network available in Armenia`s Syunik
EDB, UNIDO strengthen cooperation in Central Asia and ArmeniaEDB, UNIDO strengthen cooperation in Central Asia and Armenia
Procedure for submitting documents to sign CMPTL contract in Armenia  to be simplified for fined driversProcedure for submitting documents to sign CMPTL contract in Armenia  to be simplified for fined drivers
Vahan Kerobyan: Fly Arna national air carrier needs additional  fundingVahan Kerobyan: Fly Arna national air carrier needs additional  funding
Granatus Ventures co-founder: In Armenia, in the context of creating  startups, we should follow the path of commercialization of  intellectual property productsGranatus Ventures co-founder: In Armenia, in the context of creating  startups, we should follow the path of commercialization of  intellectual property products
Expert: Young scientists do not see opportunities in Armenia to  realize their potentialExpert: Young scientists do not see opportunities in Armenia to  realize their potential
Ardshinbank was recognized as the Bank of the Year in Armenia for the fourth time by The Banker magazineArdshinbank was recognized as the Bank of the Year in Armenia for the fourth time by The Banker magazine
Second co-project of AraratBank and 4090 Charity Foundation to support education for war participantsSecond co-project of AraratBank and 4090 Charity Foundation to support education for war participants
Burden of social payments: RA Burden of social payments: RA "updated budget" 
Situation at the Upper Lars checkpoint was expected - expert Situation at the Upper Lars checkpoint was expected - expert 
Non-financial reporting: Can it exist in Armenia?Non-financial reporting: Can it exist in Armenia?
Don`t believe headlines that world is facing instability because of  Ukraine, Gaza or China- Nassim TalebDon`t believe headlines that world is facing instability because of  Ukraine, Gaza or China- Nassim Taleb
New program to support processing industry enterprises is launched in  Armenia - Ministry of EconomyNew program to support processing industry enterprises is launched in  Armenia - Ministry of Economy
EBRD, EU and Sweden backing Acba Bank with USD 10 million loan for  Armenian women-led firmsEBRD, EU and Sweden backing Acba Bank with USD 10 million loan for  Armenian women-led firms
Armenia sees opportunities to develop country`s economy in tourism -  KerobyanArmenia sees opportunities to develop country`s economy in tourism -  Kerobyan
Armenia is doing everything possible to keep its companies free from  secondary sanctions - ministerArmenia is doing everything possible to keep its companies free from  secondary sanctions - minister
EIB expresses its readiness to discuss with Armenian side prospects  for cooperation on implementation of new projectsEIB expresses its readiness to discuss with Armenian side prospects  for cooperation on implementation of new projects
Civil Aviation Committee has no data on possible withdrawal of Air  Arabia from Armenia`s marketCivil Aviation Committee has no data on possible withdrawal of Air  Arabia from Armenia`s market
Mher Grigoryan appointed member of ERC Board of ManagersMher Grigoryan appointed member of ERC Board of Managers
Road to Upper Lars checkpoint is open for all types of vehiclesRoad to Upper Lars checkpoint is open for all types of vehicles
RA premier receives Amazon Web Services public policy regional  director RA premier receives Amazon Web Services public policy regional  director 
EAEU membership does not hinder Armenia`s exports EU - KerobyanEAEU membership does not hinder Armenia`s exports EU - Kerobyan
Armenia`s Economy Ministry convenes urgent discussion within EAEU on  situation at Upper Lars Armenia`s Economy Ministry convenes urgent discussion within EAEU on  situation at Upper Lars 
Ameriabank to sponsor 100MW of Ameriabank to sponsor 100MW of "green energy" to Armenia`s energy  sector next year
Armenian authorities` ignoring Russia`s key role in country`s  economic development in conflict with its national interests -  opposition MPArmenian authorities` ignoring Russia`s key role in country`s  economic development in conflict with its national interests -  opposition MP
Converse Bank acts as underwriter for corporate AMD coupon bonds of  Euroterm companyConverse Bank acts as underwriter for corporate AMD coupon bonds of  Euroterm company
Minister: by 2040, volume of electricity production from solar  generation facilities to be increased by another 1,500 MWMinister: by 2040, volume of electricity production from solar  generation facilities to be increased by another 1,500 MW
There has been significant increase in investments in renewable  energy in ArmeniaThere has been significant increase in investments in renewable  energy in Armenia
Forced migrants from Artsakh, can benefit from state program  supporting housing construction in border villages of Armenia, after  acquiring RA citizenshipForced migrants from Artsakh, can benefit from state program  supporting housing construction in border villages of Armenia, after  acquiring RA citizenship
For the first time, non-cash bankcard transactions exceed `cash` onesFor the first time, non-cash bankcard transactions exceed `cash` ones
Electric energy market liberalization to form efficient system -  Vahagn Khachaturyan Electric energy market liberalization to form efficient system -  Vahagn Khachaturyan 
Armenia, ADB sign two loan agreements worth over EUR 126mln Armenia, ADB sign two loan agreements worth over EUR 126mln 
Along with transition to non-cash payments in Armenia, POS-terminals  network in retail locations is actively expandingAlong with transition to non-cash payments in Armenia, POS-terminals  network in retail locations is actively expanding
EBRD, HSBC Armenia sign RSF framework agreement to facilitate  Armenian firms` access to finance EBRD, HSBC Armenia sign RSF framework agreement to facilitate  Armenian firms` access to finance 
Team begins cooperation with Loft to promote activation and  dissemination of projects for young peopleTeam begins cooperation with Loft to promote activation and  dissemination of projects for young people
ADB stands ready to expand joint programs with Armenia - Masatsugu  AsakawaADB stands ready to expand joint programs with Armenia - Masatsugu  Asakawa
Industrial products price index in Armenia in Jan-Oct 2023 decreased to 101.6% from 103.4%  Industrial products price index in Armenia in Jan-Oct 2023 decreased to 101.6% from 103.4%  
Russia-Ukraine conflict factor of Armenia economic growth - official Russia-Ukraine conflict factor of Armenia economic growth - official 
Armenia among top five exporters of whiskey to Russia Armenia among top five exporters of whiskey to Russia 
Deputy Prime Minister of Armenia gets acquainted with Russian-made  electric vehiclesDeputy Prime Minister of Armenia gets acquainted with Russian-made  electric vehicles
Expert: Most acceptable option for construction of new nuclear power  unit for Armenia is Russian-deigned projectsExpert: Most acceptable option for construction of new nuclear power  unit for Armenia is Russian-deigned projects
The European Bank for Reconstruction and Development and the European Union provided Ardshinbank with a loan for the development of MSMEs.The European Bank for Reconstruction and Development and the European Union provided Ardshinbank with a loan for the development of MSMEs.
Black Friday: FLYONE ARMENIA airline announces 50% discount on air  ticketsBlack Friday: FLYONE ARMENIA airline announces 50% discount on air  tickets
Armenia, Iraq are working on launching direct flights and simplify  visa regimeArmenia, Iraq are working on launching direct flights and simplify  visa regime
In Oct 2023, number of income-generating jobs increased by  approximately 5% compared to Oct 2022In Oct 2023, number of income-generating jobs increased by  approximately 5% compared to Oct 2022
Armenia, Switzerland discuss tourism, agriculture and vocational  education cooperation issues Armenia, Switzerland discuss tourism, agriculture and vocational  education cooperation issues 
ArmInfo FinRating: Armenian banks are trying to return to stable  profit growth through lendingArmInfo FinRating: Armenian banks are trying to return to stable  profit growth through lending
Read more


Exchange rates
06.12.2023
RUB4.35-0.05
USD403.100.15
EUR434.94-1.54
GBP507.87-1.30
CAD296.83-0.29
JPY27.35-0.06
CNY56.32-0.10
CHF460.95-0.62