Moldovan remittances drop below level of crisis period six years ago

Chisinau, 1 December /MOLDPRES/-Private people (resident and non-resident) received money amounting to about 940 million dollars in the first ten months of 2015 via Moldovan banks, down by 32.8 per cent against the same period of 2014.

It is for the first time after the global financial crisis of 2009, when the transfers fell below a monthly average of 100 million dollars. The gap is continuously decreasing during the last months against the previous year. The data put out by the National Bank of Moldova show that money transfers via Moldovan banking system decreased by 34 per cent in October against the same period of 2014, by 35 per cent in September and in August by 47 per cent.

After 2008 registered a high level of transfers reaching 1.66 billion dollars, they decreased by 30 per cent in 2009.

Currency exchange rate fluctuations against the US dollar contributed with 14.5 per cent to overall decline in transfers in January – October 2015, whereas real decrease in transfers amounted to 18.4 per cent.

Experts note that the transfers’ drop leads to decreasing in foreign currency supply on the market and is one of factors causing currency depreciation.

The foreign money transfers made in favor of private people (resident and non-resident) include remittances of Moldovan migrants working abroad and other currency transfers. Amounts are converted from the original currency of transfer in US dollars at the official rate of the National Bank of Moldova on the date of transfer.

(Reporter V. Bercu, editor A. Răileanu)