By Alexander Tagvoryan

YEREVAN, August 6–In January-June 2010, $616.9 million was transferred in remittances to Armenia through the banking system, the Central Bank of Armenia reports.

According to the Central Bank, this figure has increased over the same period of 2009 by 3 percent (or $17.7 million).

The largest remittances were sent from Russia with $402.7 million, followed by the US  with $61.8 million. From Germany $10.1 million was transferred to Armenia.

During the same period, the volume of remittances from Armenia to other countries also increased by 20.3 percent, amounting to $311.7 million, while in January-June 2009 it was $259.2 million.

Yerevan Report