YEREVAN. – A total of US$ 1.24 billion of non-commercial remittances were sent to Armenia from abroad, between January-October 2011, the Central Bank of Armenia informed. During the same time period last year, this amount was $1 billion. And the transfer of funds totaled $145 million in October of this year alone,   

Russia continues to be the main sources of remittances being sent to Armenia, but the transfer of funds from other countries is also increasing.

Also, there are countries where Armenia sends more non-commercial remittances to than it receives from. These countries are China, Turkey, and the United Arab Emirates. In the case of Turkey, for example, Armenia transferred $4 million to this country but received $1.9 million in the first ten months of 2011. In addition, $25 million were transferred to Turkey for commercial purposes.