Haykakan Zhamanak: Remittances to Armenia fall 29% in May
Remittances sent through the banking system amounted to only $84.3 million in May, according to the Central Bank of Armenia. Remittances fell by $34.4 million or 29% as compared with the same month of 2014, ‘Haykakan Zhamanak’ daily says. Remittances of $283 million (a 40% drop compared with last year) were sent to Armenia in the first five months of 2015.
Despite this, the Armenian dram began appreciating in recent day amid a decline in transfers. The situation is even more remarkable considering that a 35% fall in exports, along with falling remittances, results in a decline of foreign currency inflow, which would in turn result in the dram’s depreciation.