YEREVAN. – From January to October of 2015, remittances by individuals to Armenia amounted to little more than $1 billion.

But the decline in foreign remittances to the country was $478.5 million, or 32.3 percent, on an annual basis.

This is primarily due to the “Russian” remittances’ decline by almost $471.8 million, or 38 percent.

This considerable reduction in the Armenian residents’ remittance-linked income has already had a negative impact on Armenia’s economy.

Accordingly, retail trade has dropped in the country, and there is an adverse trend also in exports.

And due to these factors, the tax flow of the Armenian state budget has reduced significantly.