YEREVAN. – Remittances from Russia are likely to level off in 2016, Mr Hossein Samiei, the new IMF Mission Chief to Armenia, told the media Wednesday in Yerevan.

Current data show that the stream of remittances has been thinning in recent months. The International Monetary Fund expects them to reach their bottom point and to stay flat for a while.

“Of course it’s difficult to project, but definitely if the economy of Russia picks up, it’s likely to believe that so will do the remittances”, he added.

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According to official data by the Central Bank of Armenia, incoming transfers of individuals in the US dollar touched even lower levels in the first two months of 2016 than at the same period in 2015 (around $39.2 and $54.6 million, respectively).

To remind, in January 2016 the IMF projected that Russia would remain in recession until 2017. The Fund expects Russian economy to contract by 1% in 2016 and to exit stagnation in 2017 with a 1% growth rate.