YEREVAN, April 18. / ARKA /. More than $205.1 million were remitted to Armenia by individuals in the first two months of 2014 through the banks for non-commercial purposes, by almost 10 percent more from the same time span in 2013, the Central Bank of Armenia said in its monthly bulletin for February.
The amount of remittances from Armenia to other countries grew to $50.3 million from $44.5 million. The resulting net cash inflow was approximately $154.8 million, up from about $142 million in January and February of last year.
The bulk of remittances - - about 80 percent of the total amount of private transfers or $164 million - came from Russia, up from $150.4 million in the same period last year. The amount of remittances from Armenia to Russia grew to $27.8 million from $24.14 million, according to the bulletin.
In February 2014 alone more than $105.5 million were remitted to Armenia, an increase of 2% compared with February 2013. Remittances from Armenia to other countries surged to $29.3 million from $23.9 million in February 2013.
According to the Central Bank, $1.869.7 billion or 17.3 % of GDP were remitted to Armenia last year. -0