Private remittances from Russia to Armenia amounted to about $59.4 million in March 2015, a reduction of 40.2% compared to March 2014, according to the latest statistical data posted by the Central Bank.

Money transfers from Armenia to Russia amounted to $19.6 million in March, increasing by 16.4% against the same period in 2014.

Thus, the net inflow of private transfers from Russia to Armenia totaled $39.7 million – a drop of 51.8% against March 2014.

According to CBA, private transfers from Russia to Armenia in 2014 decreased by 10.7% to amount $1.4 billion, this being the first drop in private transfers from Russia to Armenia since 2009.

The decrease in Russian transfers is caused by the devaluation of the ruble in the international markets by more that 50% in 2014.