PRIVATE REMITTANCES THROUGH ARMENIAN BANKS 33.2% DOWN TO $446.7M IN H1

ARKA
Aug 4, 2009

YEREVAN, August 4. /ARKA/. Private remittances to individuals through
Armenian banking system amounted to $446.7 million in the first half
of this year, says the monthly information bulletin of the Central
Bank of Armenia (CBA) for June.

It is a reduction of 33.2% (decline rate slowed down) or $221.9
million in the first half of the year. Non-commercial remittances to
individuals amounted to $102.4 million in June only.

Remittances from Armenia totaled $81.1 million in the reporting period
against $112.7 million in the same period of 2008 (28.1% reduction,
decline rate slowed down); in June only the remittances from Armenia
were $15.2 million.

Net proceeds amounted to $365.7 million in the first half of the
year against $555.9 million in the same period of last year (34.2%
reduction); net proceeds were $87.2 million in June.

Like in the previous year, the greatest net inflow was from Russia in
the first half of this year ($307.2m) that is 84% of all remittances
to the country over the period as compared with 87.8% in the first
half of 2008.