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YEREVAN. – The Russian Federation (RF) ruble was never devalued this much in its history, Haykakan Zhamanak daily reported.

“The devaluation of the ruble also leads to the devaluation of the [Armenian] dram, since more than 80 percent of the private remittances entering Armenia comes from Russia.

“The Central Bank of Armenia has issued a bulletin about the remittances that have come to Armenia in the first 10 months of this year. Accordingly, the net inflow of the private remittances that have come from the RF to Armenia in October has decreased by more than 30 million [US] dollars, as compared to October of last year, and amounted to 123 million dollars; the drop [is] by about 20 percent.       

“The decrease in the volume of remittances will undoubtedly continue, which causes expectations for the further devaluation of the dram,” Haykakan Zhamanak wrote.

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