In 2016, individual remittances—from seasonal migrant workers—to Armenia will amount to less than $1 billion, Minister of Finance, Vardan Aramyan, on Wednesday told reporters at Parliament.

Transfer of funds to the country used to be more than $2 billion.

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And the income of families that receive these funds will reduce accordingly.

“Transfers [of money to the country] amount to 18 to 19 percent of Armenia’s GDP; for that reason, their drop will be felt [in Armenia],” added the minister. “But the [Armenian] state has tried to compensate for this drop as much as it can, on the account of internal resources.”