Money transfers to individual accounts from Russia to Armenia reached $206.7 million in January-March 2011, compared with $162.8 million in 2010, a growth of 26.6%, the Central Bank of Armenia said in a report for March 2011, News Armenia reports.
The Central Bank said that about $34.1 million were transferred from Armenia to Russia, a rise of 13.2% compared with the first quarter of 2010.
63% of all Russian transfers were carried out for individuals and about 21.1% of all transfers from Armenia.
$83.4 million came using the Armenian banking system. $14.1 million was transferred to Russia. Armenia had a net flow of $69.2 million from Russia.
