Armenia loses third of money transfers from Russia

Armenia loses third of money transfers from Russia

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

The head of the Armenian Ministry of Finance 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.

Armenia's budget deficit is planned to be reduced to 2.8% from 4.8%. Armenia counts on economic growth in Russia, predicted by the Russian Ministry of Economic Development.

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