Cash remittances wired home by scores of Armenians working abroad fell by 36 percent to just under $600 million in the first half of this year, adding to the country’s worst economic downturn since the early 1990s.
The sharp drop reported by the Central Bank of Armenia (CBA) on Tuesday is one of the reasons why the Armenian economy contracted by 16.3 percent during this period. It resulted from the ongoing recession in Russia and other countries with large numbers of Armenian migrant workers.
The total amount of cash inflows processed by Armenian commercial banks and wire transfer systems was equivalent to 18.4 percent of first-half Gross Domestic Product (GDP), reflecting their significance the economy. Read more
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