TRANSFERS FROM RUSSIA TO ARMENIA COMPRISED $ 919 MILLION IN 2008

PanARMENIAN.Net
13.04.2009 16:39 GMT+04:00

Volume of transfers from Russia via payment systems comprised $13, 7
billion in 2008, major part of which was transferred by gastarbeiters
from CIS countries. Recently demand for their services has been
decreasing, along with their profits and transfer volumes. Still
payment systems providers promise not to raise transfer tariffs.

Work migrants provide a major part of money traffic from Russia to CIS
countries. "From the beginning of 2000 the market of money transfers
was developing at high rates, showing annual increase of 25-30 35%. The
dynamics was explained by increasing difference in life standards and
economic growth between different CIS countries, forming 80% demand
in transfer segment. Main generators of work migrants outflow were
Moldova, Ukraine, Kirgizstan, Tajikistan, Armenia and Uzbekistan,"
UNIStream director Suren Hayiryan stated.

Money outflow from Russia contributed to many CIS countries
economy. According to WB data, migrants’ transfers comprise 45%
of Tajikistan GDP and 38% of Moldavia GDP.

According to WB data, Russia is ranked 5th in the list of leading
countries from where money transfers are effected, preceded by US,
Saudi Arabia, Switzerland and Germany. In migrant inflow ranking
Russia yields to USA only.

According to Bank of Russia, transfers from Russia to Armenia
comprised $ 919 million in 2008. "2008 was a record-breaking year
for transfers from Russia to Eastern Europe and CIS," Western Union
Regional Vice-President for Eastern Europe and CIS countries Jonathan
Knaus stated.

Over 90 % of total sums were transferred from CIS countries: Uzbekistan
– $2,9 billion, Tajikistan – $2,5 billion, Ukraine – $1,6 billion,
Azerbaijan – $825 million, Georgia – $804 million, Turkmenia –
$40 million

Foreign countries transfers from Russia comprised: China – $400
million, Turkey – 80 million.