Russia’s rouble crisis is posing a major threat to countries along
its southern fringe, whose economies rely heavily on billions of dollars
shipped home every year by their own citizens working within Russia.
The 50% drop in the rouble has not only decimated the value of remittances sent home by workers from the Caucasus and central Asia, but is discouraging migrants from staying in Russia to earn a salary for themselves and their families.
According to the World Bank,21% of Armenia’s economy, 12% of Georgia’s, 31.5% of Kyrgyzstan’s, 25% of Moldova’s, 42% of Tajikistan’s, 5.5% of Ukraine’s, 4.5% of Lithuania’s, 2.5% of Azerbaijan’s and 12% of Uzbekistan’s, rely on remittances.
About 40% of remittances to Armenia, Georgia, Moldova and Ukraine are from Russia
Migrant Remittance Inflows From Russia As a % Share of GDP,2013
The 50% drop in the rouble has not only decimated the value of remittances sent home by workers from the Caucasus and central Asia, but is discouraging migrants from staying in Russia to earn a salary for themselves and their families.
According to the World Bank,21% of Armenia’s economy, 12% of Georgia’s, 31.5% of Kyrgyzstan’s, 25% of Moldova’s, 42% of Tajikistan’s, 5.5% of Ukraine’s, 4.5% of Lithuania’s, 2.5% of Azerbaijan’s and 12% of Uzbekistan’s, rely on remittances.
About 40% of remittances to Armenia, Georgia, Moldova and Ukraine are from Russia
Migrant Remittance Inflows From Russia As a % Share of GDP,2013
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