Azernews.Az

The foreign transfers sent to natural persons in Armenia continue hitting low records, increasing the population’s poverty rate, Armenian media reported.

Citing official records, the media reported that the incoming transfers in January 2016 totaled $29.37 million against the $36.82 million in the first month of 2015 or the $78.61 million in January 2014.

A transfer rate lower than this was recorded back in 2015, said the paper, adding that a year later, the net financial inflows amounted to $31.13 million. T

The decreasing transfers demonstrate that Armenia’s economy, which relies largely on foreign transfers, keeps facing impoverishment. The fragile Armenian economy depends strongly on regional developments - as reflected by falling foreign investments, remittances and domestic trade.

Forecasts for the Armenian economy are far from heartwarming for the next few years. As Armenia's economy largely relies on Russia's economy, the improvement of its economic situation significantly depends on Russia coming out of recession.

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