Armenian minister of economy considers money transfer harmful

Armenian Minister of Economy Nerses Yeritsian noted in his speech at
the conference on money transfer that transfers have positive and
negative aspects. The positive aspect is that they help cope with
poverty, the negative aspect is that they create obstacles for the
economic activity of the population. Transfers to Armenia's GDP from
abroad has reached 12-13%. But in terms of crisis it is an unstable
money flow, news.am reports.

Armenia is currently developing a project with the World Bank to put
private transfers into investments. Yeritsian did not explain the
mechanisms of this arrangement.

According to official statistics, Armenia received $367 million in
January-April in the form of private transfers, which is 3.8% higher
than in the same period last year.