ARMENIAN CB, GOVERNMENT NOT READY TO USE PRIVATE MONEY TRANSFERS
Arka News Agency, Armenia
Sept 22 2006
YEREVAN, September 22. /ARKA/. Armenian Central Bank and government
are not ready to use private money transfers, Armen Darbinyan,
Russian-Armenian (Slavonic) State University Rector and former prime
minister, said Thursday in an interview with Kentron TV channel.
In his words, there are no state instruments in the country for
using transfers.
He said about $1.5 billion comes to Armenia mainly from Russia through
private transfers. In his opinion, the country’s economy would collapse
without these transfers.
Airing his opinion on television, he said that on one hand, economy
must be developed to bar people from leaving their homeland and
seeking jobs in other countries. On the other hand, such a situation
has already created and mechanisms are needed for invest these dollars
into particular programs for earning profit but without affecting
the country’s currency market.
Darbinyan thinks Armenian should use experience of Russia, who sends
the money received from oil sales to Investment and Stabilization
Funds.
Central Bank of Armenia says money inflow in Armenia through transfers
grows 37% each year between 2003 and 2005. They make 15% of GDP. Some
$940 million was received in 2005. Of them, $750mln has come to
Armenia through banking system.
CBA says the money received by individuals over seven months of 2006
totals $456.9mln. This amount is 24.4% greater than that of the same
period a year earlier. The CBA says $334.4mln was sent from Russia.
M.V.-0—