Outflow of capital continues to increase in Armenia

  06 December 2017    Read: 1208
Outflow of capital continues to increase in Armenia

Despite the vigorous assurances and statements by representatives of the Armenian leadership, the situation in the country remains sad. In the conditions of the collapsing economy, Armenian citizens perceive as mockery the fairy tales all promisese of the authorities about a bright and prosperous future of the country.

Today, there is no sign that the situation may change even in the short term. For instance, the outflow of capital from Armenia has sharply increased this year. Armenian newspaper Zhoghovurd found out from official documents that $115.7 million were withdrawn from Armenia through private transfers in October.

This is the highest number over the past few years, and today the outflow of capital continues its gradual increase. A significant part of the money, about $43.7 million, is transferred to Russia.

Moreover, individuals withdrew $814.2 million from Armenia in January to October this year, while this figure was $641.1 in the same period of last year.

Another interesting fact is that the biggest outflow of capital from Armenia was recorded in 2008, when Serzh Sargsyan became the president thanks to falsification of the presidential elections and through the blood of ten killed people, who, among other tens of thousands of Armenians, were protesting against Sargsyan’s presidency.

These bloody events not only inflicted an irreparable blow to the international image of Armenia, but also had a serious negative impact on the moral and psychological state of the population. Quite logically, the year 2008 showed the largest outflow of capital from Armenia in the country’s history.

Today, the impressive mistrust of business to the prospects of the Armenian economy is quite obvious. In addition, ordinary Armenians withdraw their money from the country, thus further aggravating the state of the country’s economy. All this can eventually result in the collapse of the Armenian economy.

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