TRANSFERS HAVE REDUCED

A1+
[03:05 pm] 06 February, 2009

The Gasparyans have recently lived on money sent by their sons working
in Russia. It is 3-4 months the boys have been unable to help their
family for they haven’t been paid for months.

"We could hardly make both ends meet. But the New Year expenses fully
emptied our wallets. Our daughters-in-law only manage to bring up
their children. None of us works," says Grandfather Volodia Gasparyan.

Our recent survey showed that the flow of transfers to Armenia
significantly reduced in January. Banks say it is determined by the
world economic crisis. Besides, some transfer systems were thrown
out. This refers to Western Union which realises transfers from the USA
and Europe. The RA Central Bank disconnected the system last September.

We came across the same scene in Inecobank. "We need to draw parallels
with January, 2008, to be able to analyze the situation. But last
year the bank had none of the systems used today," said Deputy GM
Aram Baloyan.

Specialist of VTB Bank (Armenia) Anna Gonchoyan says transfers have
decreased in their bank, too. "The only reason for this is the global
financial crisis which has greatly affected Russia. The crisis has
had its impact on currency fluctuations. Dollar rate is going down,
and people have begun transferring money in rubbles rather than in
dollars." Mrs. Gonchoyan added that at the first quarter of 2008 the
specific gravity of rubble transfers was one percent while at the
turn of the years it mounted to 16 percent.