Armenia loses third of money transfers from Russia

Thu 06 July 2017 12:36 GMT | 16:36 Local Time

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Remittances to Armenian citizens from abroad, declined by 38.4% ($830 million) over the past three years.

Armenian Finance Minister Vardan Aramyan linked this situation primarily with sanctions against Russia and with a slowdown in its economic growth. According to him, n 2015, Russia's GDP declined by 3.7%, in 2016 - by 0.2%, so Armenia was forced to increase foreign loans in order to support ts economy, News.am reported.

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