Foreign demand for Armenia has decreased, as a result of which the per capita expenditure of inbound tourists has also decreased. Martin Galstyan, Governor of the Central Bank of Armenia (CBA), announced this at a press conference Tuesday.

"In addition, we [i.e. Armenia] had labor migrants coming from abroad, some of whom, according to our statistics, are already leaving Armenia. It applies not only to highly qualified people, but also to the low qualified," added the CBA chief.

Galstyan cited the Indian citizens as an example. "Twenty-five percent of Indian citizens who came to Armenia are no longer in Armenia, which indicates the weakening of foreign demand. They started coming at the beginning of last year, at the peak we had 17,000 Indian citizens, at last count there are 11,000 left,” he said.

Also, Galstyan noted that the rate of inflation in Armenia's service sector is slowing down.