Your trusted source

In the period from January to March 2017, the foreign investments in Armenia cut down by 9 billion AMD to compare with the same period of 2016, economist Vahagn Khachatryan said at a press conference on Wednesday.

The economist explained that Armenia saw a capital outflow in the mentioned period, i.e. the funds invested by Armenia in abroad exceeded the investments made in the country. “If prepayments are made now, they will turn into real investment in the coming three months,” Mr. Khachatryan added.

In the economist’s words, the major part of the capital outflows from Armenia goes to Russia.

Vahagn Khachatryan also noted that a record growth of $127 million in personal remittances have been registered in Armenia in March of this year, which is 20% rise compared with the previous year.

“Whereas the personal remittances amounted to $109 million in April of this year to compare with $104 million registered in April 2016. In addition to this, assets amounting to $86 million were moved out of Armenia through personal remittances. In other words people move the assets out of the country not only in the form of capital, but also in cash, which shows that that they sell their property and transfer the sums from Armenia to abroad,” the economist highlighted.

Mr. Khachatryan also noted that he has no expectations in terms of positive developments in economy.