Foreign transfers to Armenia cut down twice

Haykakan Zhamanak: Foreign transfers to Armenia cut down twice

12:26 * 28.02.15

The remittances to Armenia fell by 50% to US $ 37 million since
January compared to the first two months of 2014, the paper says,
citing official statistics.

It says that the foreign transfers, which mostly constitute the
earnings of the Armenians working abroad, severely impact the
population’s general well-being. The paper claims that the private
transfers, which are the only means of survival of hundreds and
thousands of families, are comparable in volume to Armenia’s State
Budget. Such a declines, according to the paper, leads to families’
impoverishment, reducing the population’s purchasing capacity.

Citing the Central Bank of Armenia (CBA), the paper says that it
expected the decline to be no more than 30% and built its
monetary-loan policies accordingly. The January records, however,
reveal that the reality is even much worse than the CBA expected, adds
the paper.

From: A. Papazian