Money transfers to private people drop to lowest level of last ten years in Moldova in 2016

Chisinau, 27 January /MOLDPRES/ - The money transfers made to private people were continuously dropping in 2016 and decreased to the lowest level of the last ten years. Private persons (resident and non-resident) last year received 1.79 billion dollars in equivalent sum through banks of Moldova, by 4.5 per cent less than in the year before, according to data put out by the National Bank of Moldova (BNM).  

BNM data shows that most transfers, respectively 50.5 per cent, were made in U.S. dollars, 36.5 per cent - in euros, and the share of transfers in Russian rouble decreased from 24.8 per cent in 2015 to 13 per cent in 2016.  

The fluctuations of the exchange rate of the original currencies against the dollar, as well as the real diminution of the transfers contributed to the decrease in transfers.

Contacted by MOLDPRES, an expert of the Viitorul (Future) Institute for Development and Social Initiatives, Sergiu Gaibu, explained the cut in remittances by the crisis which hit the Russian economy in the last years; hence, the share of the rouble dropped from a maximum level of 36.1 per cent of the transfers in 2014 to 13 per cent in 2016. On the other hand, Russia promotes a restrictive immigration policy, as a result of which tens of thousands of Moldovans lost their jobs. At the same time, the families of people who went to the West are reunified, and hence, less money is sent home. The financial expert does not exclude also the fact that the banking crisis from Moldova had a negative effect too.   

According to BNM data, the maximum level of transfers was recorded in 2008, the year before the crisis, when 1.660 billion dollars was transferred to private persons through Moldovan banks. The transfers started gradually rising and hit 1.612 billion dollars in 2014, after which they dropped sharply.  

The Central Bank said that the private people who transfer and receive money through the money transfer system can have the citizenship of any states. The origin and purpose of the transferred money can be different. Data includes discounts with banks of Moldova, without the banks from the districts of the left bank of Dniester.    

(Reporter V. Bercu, editor L. Alcaza)