YEREVAN. – In the current year, private remittances to Armenia from Russia could reduce by 9 to 12 percent.

The aforesaid is noted in the Central Bank of Armenia (CBA) monetary policy program for the first quarter of the year.

But a 1.5 to 2.5 percent economic growth is expected for 2016.

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In the year past, and due to the reduction of remittances from Russia, private consumption and investments in Armenia were also down, both by around 8 percent.

Because of low domestic demand, an around 7-percent decline in imports was recorded in 2015.

The CBA forecasts that the low economic growth rates will continue in the present year, and in connection with the situation in Russia, but the prices will not increase in Armenia.

In US dollar terms, a 9 to 12-percent reduction is expected in remittances to the country, and this will impact domestic demand and consumption.

As per the CBA, the economic growth rate in Armenia will accelerate in 2017, and linked to the improvement of the external environment. Accordingly, at the end of the forecast horizon, the economic growth in the country is expected to be 3 to 4.5 percent.