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168 Zham: Transfer-Dependent Armenian Economy In Panic

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  • 168 Zham: Transfer-Dependent Armenian Economy In Panic

    168 ZHAM: TRANSFER-DEPENDENT ARMENIAN ECONOMY IN PANIC

    10:42 * 11.12.14

    Armenia's economy, which is heavily dependent on foreign transfers,
    is now in a state of panic amid the national currency's sharp decline.

    While many today blame the Central Bank for the fluctuations on
    the currency market, the problem appears to have deeper roots than
    thought, the paper says, noting that most of the transfers come from
    the Russian Federation.

    "We rely on money coming from abroad, first of all from the Armenians
    residing and working in Russia. We feel sad and worry every time over
    the decreasing sent. But we never actuallt worry at all that we have
    ceded our biggest resource, the human being to foreign [powers],"
    writes the paper.

    Citing the most recent statistics, the paper says that private
    transfers accounted for 21% of Armenia's Gross Domestic Product
    in 2013.

    http://www.tert.am/en/news/2014/12/11/armenia-transfers/1532689

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