Armenia receives more money from Russia

In 2012, Armenia received more money from Russia in the form of money transfers of individuals. In the first 10 months of this year the country received more than $1.17 billion, while last year for the same period it was $1.03 billion, the Central Bank of Armenia says. The overall increase is estimated to be 13.6%.

Transfers from Armenia to Russia in January-October amounted to about $131 million, with an increase of 15.5%.

Russia's share in the reporting period had 85.7% of total revenues in Armenia in the name of individuals. In October alone, Russia transferred more than $158 million to Armenia, which is 11.6% more than in September .

According to the CBA, the net cash inflow from Russia through the banking system of Armenia in the first 10 months of the year amounted to more than $1.04 billion compared with more than $918.4 million in January-October 2011. The growth rate was 13.4%.

Adapted from: Vestnik Kavkaza