YEREVAN. – The situation is catastrophic in Armenia in the current year, and in terms of foreign private remittances to the country, as these remittances are the most important source of income for numerous families in the country. 

From January to September, these transfers of funds have reduced by 32.2 percent, on an annual basis.

In the reporting period, the money transfers from Russia—and which comprise 76 percent of the total remittances to Armenia—fell by 38 percent, on an annual basis. 

The transmittals to Armenia from other countries also have reduced, with the sole exception being the US, as the remittances to Armenia from this country have increased by 17.2 percent.

But the transfers of funds would have fallen even further, had the US dollar not gained strength in Armenia. And as a result, the estimated amount of remittances has relatively increased in the reporting period.