Russian Economic Crisis May Affect Armenia: Paper

The unprecedented financial crisis that began in Russia might have a direct impact on Armenia's economy, reports local daily Haykakan Zhamanak. The newspaper notes that first and foremost, the crisis will lead to a reduction in private remittances from Russia. Note, many Armenian households depend on remittances from family members in Russia (who are often there as labor migrants) for survival.

Only yesterday Russian stocks fell by 13%. The dollar reached 37 rubles, the lowest figure in the history of the Russian currency. The reason for the economic downturn, reports the Armenian paper, is the situation in Ukraine. Haykakan Zhamanak recalls that the ruble showed a tendency to depreciate, while stocks fell also during the Russian-Georgian war of 2008.