Today.Az » World news » Decline in volume of remittances to Armenia
30 March 2010 [15:29] - Today.Az
Bagrat Asatryan, ex-chairman of the Armenian Central Bank, that Armenia’s AMD monetary base has started reducing since the end of 2008 and this process is still under way.
“The AMD demand has sharply decreased at Armenian foreign currency market, and there are two reasons for it: political – the growing distrust towards the authorities, thus, to the national currency, and money drain,” he told a news conference in Yerevan.
Among those countries, to which our “funds outflow”, the specialist mentioned Georgia, where favorable business conditions are created.
Besides, Assatryan said that during the first three months of 2010, the AMD monetary base has decreased by 45 billion.
"In 2008, the cash monetary base totaled AMD 344 billion in Armenia, while in 2009 it went down to AMD 320 billion and continued decreasing, totaling AMD 274 billion as of March 25, 2010,” he said.
Speaking about remittances, the ex-chairman of the Central Bank noted that the volume of remittances decreased by 20 percent in January 2010, as compared with the same period of 2009.
/PanARMENIAN.Net/
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