Armenian Economy Increasingly Reliant On Diaspora

The slaughter of Armenians in 1915 -- commemorated here at a ceremony in Marseille attended by the Artur Bagdasarian, the speaker of the Armenian parliament -- was one of the key factors in the emigration of Armenians from the Caucasus and Middle East (epa) August 10, 2006 -- Armenia's national bank says the country's economy is increasingly dependent on money sent home by its diaspora.

The bank said today that these remittances grew by 37 percent between 2003 and 2005 and now account for over 15 percent of Armenia's gross national product (GNP).

(AFP)