By Smbat Grigoryan

YEREVAN. – According to official data, individuals’ remittances from Russia to Armenia have totaled $639․5 million, from January to September. Even though this amount seems impressive at first glance, the matter is the dynamics of this indicator.

Even though Armenia’s economy is long dependent on transfer of funds from abroad and their consequences, there is a more noteworthy fact here.

The remittance outflow from Armenia to Russia has increased. Although this increase may not seem so great at first glance, against the backdrop of the huge drop in remittances from Russia, however, this has led to the worsening of the ratio between the inflow and outflow of transmittals.

As a result, Armenia’s respective positive balance with Russia fell by 2.5 times.

And the negative balance reduced by more than twice in the past two years, and it no longer reaches $1 billion.

Armenia’s foreign trade imbalance, however, is double the positive balance in remittances.

And the problem gets deeper with the reduction in the currency inflow from other sources.