Remittances Statistics in Armenia Mher Barseghyan External Sector Statistics Division Yerevan 2012
History The took over the responsibility of compiling external accounts from 2011. National Statistical Service was in charge of compiling BOP data previously Major changes in compilation system were made in 2007` revising historical data up to 2004
Available data sources Data used in compilation model Money transfers via banking system Households surveys Surveys of commercial banks clients Minor calculations Not primary used during compilation Border statistics Partner country data
Data sources: Money transfers via banking system Monthly reporting forms are filled by all commercial banks and money transfer agencies (not MTO s) Several type of cross border transaction of individuals are collected (total transfers, non commercial transfers, transfers via MTO s) Non commercial transfers are used for calculations Breakdown by currency and country is available
Data sources: Non commercial transfers Transfers as financial aid, salary or gifts are included in remittances Transfers for construction, purchasing real estate or investing in business are not to be included Nevertheless, it includes some capital transfers and FDIs, as well as transfers received by nonresidents in Armenia.
Data sources: Surveys of commercial banks clients Survey of individuals receiving money in banks 5 time per year, based on seasonality of transfers In all branches of commercial banks all over the territory of RA Includes questions on residence of receiver and sender, purpose of transaction
Data sources: Households surveys Non regular surveys of households receiving remittances in 2006, 2007, 2010-2011 Two staged stratified sample which covered the all regions of Republic Questionnaire: description of remittance receiving household, description of remittance sender, characteristics of remittances, continuity issues Primary objective: estimation of non bank transfers, bank/non bank transfers ratio was selected
Compilation model Step 1: non commercial transfers (banking statistics) Step 2: exclusion of non residents from non commercial transfers (banks clients survey) Step 3: calculation and exclusion of FDIs and capital transfers from non commercial transfers (banks clients survey)
Compilation model Step 4: adding non bank transfers (household survey) Step 5: separating into net salary of seasonal workers and current transfers (household survey) Step 6: adding amounts spent by seasonal workers to amounts sent by them (household survey) Step7: different adjustments (remittances in kind, embassies and international organization staff, some other calculations)
Figures Non commercial transfers via banking system 1547 Non commercial transfers received by residents via banking system Non commercial transfers after eliminating FDIs and capital transfers via banking system Total amounts received by households trough banks and non bank channels 1458 1367 1690 Current transfers 769 Net income of seasonal workers (gross figure in ) 921 Capital transfers 50 Personal remittances 1740 USD millions
Further steps Introducing ITRS system more reliable information on large transfers Use survey ratios for small amounts to have more accurate data Calculate alternative data based on migrants amounts or FX flows for comparison Conducting households surveys every 3-4 years Separation of services from seasonal workers income
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