PRIVATE TRANSFERS SENT BY ARMENIAN COMMUNITIES EXCEED AZERBAIJAN’S OIL FUND

ARKA News Agency, Armenia
July 3 2007

YEREVAN, July 3. /ARKA/. Private transfers coming here from overseas
Armenian communities exceed Azerbaijan’s oil fund, Armen Darbinyan,
Russian-Armenian (Slavonic) University rector and former prime
minister, said Monday while speaking for the attendees of the
university’s Summer School.

In his lecture, Darbinyan said that $1.5 billion was transferred to
Armenia last year while Azerbaijan gained only $1.3bln from exporting
its oil.

Darbinyan said that Armenian communities in Russia, the United States,
France and Latin American countries are quite strong.

"These people constitute a huge capacity for lobbying Armenian
political interests and contributing to Armenian economy", he said.

Central Bank of Armenia says 504.7bln (about $1.2bln) was transferred
to Armenia in 2006 by individuals through Armenian banking system.