YEREVAN, October 23. / ARKA /. Private remittances sent home to Armenia mainly by labor migrants
in the first half of 2013 increased by 14.9% from the same time span last year to $713.1 million , the Central Bank said in a financial stability report for the first half of 2013.
This figure was, however, 4.2 percent less than the amount sent home by labor migrants in the first half of 2008.
According to the report, the inflow of private remittances sent to Armenia through the banks for non-commercial purposes saw a 10.5 % increase in the reporting period.
According to the Central Bank’s forecast, private money remittances this year sent to Armenia for non-commercial purposes will increase by 6-8%.
The bulk of private remittances –some 83.5 percent- came as usual from the Russian Federation. The Central Bank said also the majority of Armenian labor migrants are engaged in trade and construction sectors.
According to the Central Bank, the amount of remittances sent to Armenia in January- July 2013 grew approximately to $942 million (up 12.1% ), and the remittances sent abroad from Armenia grew by 13.7 percent to about $175.9 million.
It said also the flow of remittances in 2012 not only restored, but also exceeded the pre-crisis level of 2008 by 3.1 % increasing to $1.687.2 billion, or about 17 % of the country's GDP. ($ 1 - 405.71 drams). -0-