ARMENIANS PREFER TO KEEP THEIR MONEY IN CASH US DOLLARS

   YEREVAN, MARCH 10, ARMENPRESS: A recent survey conducted by the
Armenian Central Bank to find out what hard currency cash Armenians
prefer to have revealed that 84 percent of cash held by citizens was
in US Dollars. According to Hakob Zorian, head of a Central Bank
department, the amount of cash in hard currency kept by Armenians
increased from $572 million in 2003 to $915 million in 2004, of which
871 million were in US Dollars. In 2003 this figure was $560 million.
The per capita amount of hard currency cash was equal to $190 in 2003
and $304 in 2004.
   The survey was conducted among 900 households. It also revealed
that well-to-do families kept 98 percent of their cash money in US
Dollars, middle-class families kept 82.4 percent of their money in
greenbacks, while very poor families only 15 percent of their cash.
   Also 57 percent of respondents preferred to keep their savings in
US Dollars, 35 percent in the national currency-dram and 6 and 2
percent in euros and other hard currencies respectively.
   He also said last year around $760 million were remitted by
Armenians working abroad to their families in Armenia, a 26 percent
rise against the previous 2003. He said forty percent of respondents
receive money transfers from abroad.

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