By Smbat Grigoryan

The Bank of Russia recently disseminated information on the cross-border remittances by individuals, from January-June.

Accordingly, individuals’ money transfers from Russia to Armenia have reduced by $282 million. And the amount of this transfer of funds has dropped by more than 2.4 times, over the course of the past two years.

The main reason for this decline in terms of the US dollar is the strengthening of this currency’s position in Russia. 

The average amount of one remittance also has reduced within two years, and by 1.5 to 1.7 times.

The combination of these data enables us to conclude that the number of money transfers has also decreased—by 1.3 times, according to our estimate.

Separately, the number of Armenian citizens living in Russia has reduced by 24 thousand, or 5 percent, within a year, as of April.