Private remittances to Armenia amounted to $114.6 million in August, 2015, against $185.7 million in the same period of last year.

According to the Central Bank of Armenia, the net inflow of private transfers to the country totaled $788.5 million in the first 8 months of 2015, a drop of 31,6% against $1.152 bln in the same period of 2014.

In August 2015, 79% of private remittances to Armenia, amounting to about $90.5 million, came from Russia. Transfers from Russia to Armenia in January-August 2015 decreased by 37% against the same period of 2014 to amount $602.2; remittances from Armenia to Russia totaled $132million, with the net inflow of transfers totaling approx. $470 million.

The decrease in Russian transfers is caused by the devaluation of the ruble in the international markets in 2014-2015 and a drop in Russian economy.