The uncertainty in the dynamics of transfers from Russia, which is characteristic for the first months of this year, now replaced by a clear conclusion: the decline is obvious, Day.Az reports with reference to Nyus.am. Initially, we note that the term “transfers” here refers to external remittances, non-commercial purpose to individuals through commercial banks in Armenia.
So, in January-October, the total amount of transfers from all countries fell at an annual rate of $ 28.6 million. (Or 1.9%). This “negative” was caused by a significant decline in the inflow of transfers from Russia – about $ 57.2 million. (Or 4.6%)
Collapse by “Russian” transfers was so powerful that half outweighed some positive (increase transfers of nearly $ 28.6 million.) From other countries. Recall that the lion’s share of private transfers to Armenia has traditionally come from Russia. Even with reductions in inflows, the share of “Russian” transfers in their total amount is in January-October significant 83.6%.
October, in terms of the dynamics of “Russian” transfers was the worst month of the reporting period. In annual terms, the decline in the inflow of transfers from Russia reached a record $ 32.3 million. (Or 19.0%).
As a result, recipients of “Russian” transfers missed almost one-fifth of the amount that had in October last year. Damage to the family budget considerable … add that in the same month declined slightly transfer from other countries – for $ 1.1 million. As a result, the overall decline on transfers in October to $ 33.4 million. Yoy.
You can basically find a connection between the dynamics of transfers and dollar in Armenia. But, the problem is not limited to transfers. After the intervention in the foreign exchange market, amounting to just fifty million dollars (more than compensates for the amount of the October decline in transfers) could correct the situation. However, the dollar continued to strengthen, leading to large-scale currency speculation, and hence – to create a vicious circle of cause-and-effect relationships.