RUSSIAN REMITTANCES TO ARMENIA TOTAL $201.4 MILLION IN JAN-APR 2009

ARKA
June 8, 2009

YEREVAN, June 8. /ARKA/. Individuals in Armenia received $201.4mln
worth remittances from Russia via the local banking system between
January and April 2009 – a 35.7% ($313.3mln) year-on-year decrease.

According to the monthly overview of the Central Bank of Armenia
(CBA), during the period under review, $27.8mln was transferred from
Armenia to Russia, compared to $35.5mln in the same period last year
(a 21.8% decrease).

As a result, net flow of remittances from Russia reached $173.6mln
by end-April 2009, versus $277.8mln in the same period last year
(a 37.5% drop).

Russia’s share in non-commercial remittances to Armenia was 78.7%
and 52.4% of total transfers to the country, with net flow of Russian
remittances into Armenia reaching 83.6%.

According to CBA, non-commercial remittances to Armenia totaled
$260.6mln in January-April 2009 – 33.7% year-on-year drop.

Non-commercial remittances to Armenia via the local banking system
totaled $260.6mln between January and April 2009 – a 33.7% year-on-year
drop.

During the same period, remittances from Armenia amounted to $53mln
– a 29% year-on-year drop. As a result, net inflow dropped 34.7%
to $207.6mln.