Republic of Armenia: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2006 Issue 434

Publication date: December 2006

ISBN: 9781451801651

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Topics covered in this book

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Banks and Banking , Exports and Imports , Finance , Public Finance , Taxation - General , ISCR , CR , remittance , tax , VAT , Armenia , GDP , revenue , remittances sender , remittances to Armenia , GDP growth , traditional remittance , remittances component , Remittances , Financial sector development , Tax administration core functions , Commercial banks , Middle East , Central and Eastern Europe , Eastern Europe , Baltics , Europe

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Summary

Although Armenia itself has a population of only about 3 million, an estimated 8 million Armenians live abroad. In this paper, the size and the sources of remittances to Armenia are first discussed. Then, the appropriate definition of remittances and subsequently present estimates of the macroeconomic effects of remittances to Armenia are outlined. Remittances play a significant role in the Armenian economy. They amount to between US$250 million and US$1 billion per year, and constitute from 25 percent to 80 percent of remittance receivers’ incomes.