Central Bank: Private remittances from Russia to Armenia up in January-May

The amount of private remittances sent from Russia to Armenia in January-May 2013 via banks for non-commercial purposes increased by 112 percent, from a year earlier over to $475.1 million, reports Arka news agency, quoting the Central Bank of Armenia.

As usual, the largest portion of remittances from abroad came from Russia – nearly 84.5 percent.
A total of $70.7 million was transferred from Armenia to Russia within five months, which was 14.6 percent higher from a year earlier.

The net amount of remittances from Russia to Armenia hit 404.5 million, which was by 10.7 percent higher.

A total of about $118.7 million was transferred from Russia to Armenia in May 2013 versus 110.3 million last year, while $14.7 million was transferred from Armenia to Russia (versus $15.2 million last year).

According to the Central Bank’s data, a total of $577.39 million was remitted to Armenia in the first five months of this year, while the amount of remittances from Armenia to other countries stood at $124.5 million (13.7 percent growth).