MONEY REMITTANCES TO ARMENIA IN NINE MONTHS REACH $1.2 BILLION

ARMENPRESS
Oct 11 2007

YEREVAN, OCTOBER 11, ARMENPRESS: Money remittances from Armenians
working in Russia, USA and other countries to relatives in Armenia
in January -September of this year rose almost 30 percent from a year
ago to $1.2 billion.

These figures were unveiled today by Armenian Central Bank governor
Tigran Sarkisian, who spoke at the opening of an international
conference on retail banking services in Yerevan.

Sarkisian said the Central Bank forecast was a 10 percent growth. The
bulk of money transfers- 70 percent- are coming from Russia.

Sarkisian said handling money remittances have become a very lucrative
business in Armenia. Unlike Armenia, money remittances to Russia
make annually some $700 million while transfers from Russia reach
$3 billion, according to Garegin Tosunian, chairman of the Union of
Russian Banks.

According to Tigran Sarkisian, local commercial banks have earned
8.5 billion Drams this year from providing money transfer services,
by 2 billion drams more form a year ago. He said also no bank is
dominating in this sector and because of competition the banks have
to lower their commission charges.