Over $1.4 billion was remitted to Armenia in 2007, making international money transfer increasingly pertinent to the economy. With over 300,000 migrants in a populace of 3 million, 10% is abroad and transferring funds to Armenia. This accounts for as much as 15% of the gross domestic product (GDP). Lately, Internet fund transfer utilizing prepaid debit cards has become the most popular choice for transferring funds to Armenia. Because these cards offer low pricing and expediency, it in turn, has a positive impact on the inflow of money.
The official currency of Armenia is the Dram (AMD). The Dram was reintroduced in 1993 with Armenia's liberty from the previous USSR. The coinage follows a fluid rate regime and is mostly governed by the supply and demand of the US dollar. The currency has steadily grown since it was introduced. The latest currency exchange rate of Drams to US$ is 490 (2000), 504 (2001), 535 (2002),570 (2003), 522 (2004), 459 (2005), and 395 (2006).
Monetary growth has averaged over 13% in recent years. Armenian independence in 1991 turned the economy upside-down with a 60% drop in GDP. Small-scale agriculture came to dominate in place of the former agro-industrial complexes under Soviet rule. Inflation and unemployment continue to diminish. In 2007, the CIA reports inflation at 4.4% and unemployment at 7.1%.
Poverty levels have gradually declined in the past 3-4 years. From the late '80s to early '90s, poverty reached an all-time high of 55%. The poverty level has dropped to 25% in 2007. It is hard to track actual income of the remittance receiving households because many of the migrants to Russia do not report it through formal channels . The Central Bank of Armenia has made a recent endeavor to track payment more carefully.
Transferring funds to Armenia is an intricate part of the economy. Over 37% of households were estimated to obtain a money transfer. In numerous households, this accounts for 50% of income. Money transfer to Armenia helps meet up to 77% of basic living requirements.
Moving in to the 21st century, the need for more reasonable ways to transfer funds to Armenia has risen. The online reusable ATM card offers convenience, security and low costs. To begin the online fund transfer process, those interested can sign up via company website or 1800-number. After the sender signs up and deposits money on a debit card, it is then sent to the recipient via rapid mail transport service. After the card is received, it can be refilled as much as needed.
The online reusable debit card has competitively driven down lofty costs of global money transfer. Sending money to Armenia has never been so trouble-free or affordable.
The official currency of Armenia is the Dram (AMD). The Dram was reintroduced in 1993 with Armenia's liberty from the previous USSR. The coinage follows a fluid rate regime and is mostly governed by the supply and demand of the US dollar. The currency has steadily grown since it was introduced. The latest currency exchange rate of Drams to US$ is 490 (2000), 504 (2001), 535 (2002),570 (2003), 522 (2004), 459 (2005), and 395 (2006).
Monetary growth has averaged over 13% in recent years. Armenian independence in 1991 turned the economy upside-down with a 60% drop in GDP. Small-scale agriculture came to dominate in place of the former agro-industrial complexes under Soviet rule. Inflation and unemployment continue to diminish. In 2007, the CIA reports inflation at 4.4% and unemployment at 7.1%.
Poverty levels have gradually declined in the past 3-4 years. From the late '80s to early '90s, poverty reached an all-time high of 55%. The poverty level has dropped to 25% in 2007. It is hard to track actual income of the remittance receiving households because many of the migrants to Russia do not report it through formal channels . The Central Bank of Armenia has made a recent endeavor to track payment more carefully.
Transferring funds to Armenia is an intricate part of the economy. Over 37% of households were estimated to obtain a money transfer. In numerous households, this accounts for 50% of income. Money transfer to Armenia helps meet up to 77% of basic living requirements.
Moving in to the 21st century, the need for more reasonable ways to transfer funds to Armenia has risen. The online reusable ATM card offers convenience, security and low costs. To begin the online fund transfer process, those interested can sign up via company website or 1800-number. After the sender signs up and deposits money on a debit card, it is then sent to the recipient via rapid mail transport service. After the card is received, it can be refilled as much as needed.
The online reusable debit card has competitively driven down lofty costs of global money transfer. Sending money to Armenia has never been so trouble-free or affordable.
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