Cash transfers to Armenia drop by 30%

The level of cash transfer to Armenia has dropped by 30.6% in 2011, News.am cites a statement by the Central Bank of Armenia in February as saying.

Individuals transferred $82.5 million in January-February 2011, compared with $119 million in the same period in 2010, which demonstrates reduction by 30.6%.

The highest amount of cash transfers can be seen in Russia. Russia received $90 million as transfer from Armenia in January-February 2010 and $64 million in the first two months 2011.

Although transfer usually increases with the rising oil prices, this year it dropped in Russia. It may be explained with the tougher migration policy. Transfer to other states dropped as well.

Transfers from the USA reached $8.4 million last year and $6.1 million this year.

Cash flows from Armenia to foreign countries dropped. Armenia transferred some $27 million abroad for non-commercial purposes in January-February 2010 and $19.5 million in the same period this year.