EDB expects remittances to Armenia to continue growing
25.05.2017,
15:52
The Eurasian Development Bank (EDB) said in its quarterly review of macroeconomic indicators that it expects the amount of remittances sent home largely by Armenian labor migrants in Russia will continue to grow against the backdrop of economic recovery in Russia.
YEREVAN, May 25. /ARKA/. The Eurasian Development Bank (EDB) said in its quarterly review of macroeconomic indicators that it expects the amount of remittances sent home largely by Armenian labor migrants in Russia will continue to grow against the backdrop of economic recovery in Russia.
The bank said that starting from 2017, there has been a real breakthrough in the dynamics of individual remittances sent from Russia to Armenia.
According to the Central Bank of Armenia, money transfers from Russia in the first quarter of 2017 increased by 20% compared to the corresponding period of the previous year, having significantly eased the pressure on the current account of the balance of payments. They have also improved the dynamics of economic activity in terms of consumer spending, EDB said.
According to official data, over $312.9 million were remitted to Armenia through the banking system for individuals in January-March 2017, which was 14.5% more than in January-March of the previous year. In March alone, more than $127.1 million were remitted to Armenia, an increase of 18.1% from previous March and 26% from the previous month.
According to the Central Bank, a total of $1.532.8 billion were sent to Armenia as money transfers by individuals in 2016 (a decline of 6% from the previous year), and some $816.9 million were sent from Armenia to other countries (an increase of 7.3%). -0-
The Eurasian Development Bank (EDB) is a regional development bank established by the Russian Federation and Kazakhstan in 2006. The bank currently has six member states, including Armenia, Belarus, Kyrgyzstan and Tajikistan.-0-
The bank said that starting from 2017, there has been a real breakthrough in the dynamics of individual remittances sent from Russia to Armenia.
According to the Central Bank of Armenia, money transfers from Russia in the first quarter of 2017 increased by 20% compared to the corresponding period of the previous year, having significantly eased the pressure on the current account of the balance of payments. They have also improved the dynamics of economic activity in terms of consumer spending, EDB said.
According to official data, over $312.9 million were remitted to Armenia through the banking system for individuals in January-March 2017, which was 14.5% more than in January-March of the previous year. In March alone, more than $127.1 million were remitted to Armenia, an increase of 18.1% from previous March and 26% from the previous month.
According to the Central Bank, a total of $1.532.8 billion were sent to Armenia as money transfers by individuals in 2016 (a decline of 6% from the previous year), and some $816.9 million were sent from Armenia to other countries (an increase of 7.3%). -0-
The Eurasian Development Bank (EDB) is a regional development bank established by the Russian Federation and Kazakhstan in 2006. The bank currently has six member states, including Armenia, Belarus, Kyrgyzstan and Tajikistan.-0-
