Page "Economy of Armenia" Paragraph 38
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According to the Central Bank of Armenia, during the first half of 2008, cash remittances sent back to Armenia by Armenians working abroad rose by 57. 5 percent and totaled $ 668. 6 million USD, equivalent to 15 percent of the country's first-half Gross Domestic Product.
However, the latter figures only represent cash remittances processed through Armenian commercial banks.
According to RFE / RL, comparable sums are believed to be transferred through non-bank systems, implying that cash remittances make up approximately 30 percent of Armenia's GDP in the first half of 2008.
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