YEREVAN. – According to the Central Bank of Armenia data, individuals’ remittances to the country have dropped by $37.7 million, or by 35.6 percent, this February.

This overall decline is mainly due to the reduction in transfer of funds from Russia, and which have decreased by 42.9 percent.

The crisis in Russia, which is due to the sanctions imposed by Western countries and the falling oil prices, deepens in the country.

In addition, the Russian ruble’s weakening against the US dollar (USD) had a negative impact on the USD remittances.

Labor migration is the same export, and it is also geographically non-diversified. Even in the case of such a steep decline, however, the Russian transfer of funds amounted to 79 percent in February.