Armenia concerned about money transfers in the country

Armenian analysts express their concern that money transfer into the country from abroad will decrease. The biggest portion of money transfers in Armenia comes from Russia, around 60%. However, last year overall volume of money transfers from Russia decreased. These transfers mostly are related to the Armenian individuals who went to Russia to find the job and send money back to their families living in Armenia. Armenia very much depends on the economic situation in Russia. Recently west has imposed economic sanctions on Russia. The fact will affect Armenia as well. Around 50 billion USD was transferred from Russia to abroad in the first quarter of 2014. Thus, Armenians who became the part of Russian economy incure loses as well.