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Agence France Presse -- English
August 10, 2006 Thursday 11:09 AM GMT
Armenia depends increasingly on cash from abroad
YEREVAN, Aug 10 2006
Armenia's economy depends more and more on remittances from its
diaspora, which now account for more than 15 percent of Gross
National Product (GNP), the country's national bank said Thursday.
"These past years the volume of financial transfers to Armenia has
grown significantly," said bank specialist Karina Karapetian.
"Over the period 2003 to 2005 this indicator grew on average by 37
percent to represent 15 percent of GNP. From January to June 2006 the
volume of financial transfers to Armenia rose again by 34 percent."
In 2005 private remittances reached 940 million dollars (730 million
euros), most of the money (about 72 percent) coming from
Russian-based expatriates.
Those living in the United States provided some 14 percent while the
communities in Germany, Greece and the Ukraine each provided about
five percent.
Many Armenians depend on remittances from abroad.
August 10, 2006 Thursday 11:09 AM GMT
Armenia depends increasingly on cash from abroad
YEREVAN, Aug 10 2006
Armenia's economy depends more and more on remittances from its
diaspora, which now account for more than 15 percent of Gross
National Product (GNP), the country's national bank said Thursday.
"These past years the volume of financial transfers to Armenia has
grown significantly," said bank specialist Karina Karapetian.
"Over the period 2003 to 2005 this indicator grew on average by 37
percent to represent 15 percent of GNP. From January to June 2006 the
volume of financial transfers to Armenia rose again by 34 percent."
In 2005 private remittances reached 940 million dollars (730 million
euros), most of the money (about 72 percent) coming from
Russian-based expatriates.
Those living in the United States provided some 14 percent while the
communities in Germany, Greece and the Ukraine each provided about
five percent.
Many Armenians depend on remittances from abroad.