Foreign money transfer to Moldova reach highest level within recent period

Chisinau, 04 March /MOLDPRES/ – The value of net cash transfers made to individuals in January recorded a significant increase of 28.1 per cent and reached the highest level within three years, according to data presented by the National Bank of Moldova (BNM).  

"The exchange rate fluctuations of original currencies against the US dollar contributed 1.8 percentage points to lower shipments in January 2017, while the actual increase in transfers (eliminating the effect of exchange rates by recalculating of the amounts during that period of the previous year) constituted 29.9 per cent," notes the National Bank of Moldova.

The individuals (residents and non-residents) received a net amount in the first month of the Moldovan banks, funds in the amount equivalent to 74.58 million US dollars, with 16 million more than in the same period of the last year. But experts believe that although the increase is impressive, the amount of remittances is far from the figure reached in January 2014 of 91.68 million US dollars. The highest level of shipments during the entire period of their monitoring was recorded in 2013, when they amounted to about 99 million.

The central bank statistics show a trend which has been repeated from year to year, in January recorded the lowest value of shipments, followed by their gradual growth during the year.

The amount of money transfers made to individuals had been steadily decreasing in 2016 and dropped to the lowest level in the decade. The individuals (residents and non-residents) received last year by Moldovan banks, funds in the amount equivalent to 1 billion 79 million US dollars, 4.5 per cent less than in the previous year.

The money transfers from abroad to individuals (residents and non-residents) represent the amounts of money remitted into Moldova through the national banking system, including through international money transfer systems. The net transfers include the balance between inflows and outflows. The crude shipments contain the amounts transferred via money remittance systems issued to individuals.

(Reporter V. Bercu, editor L. Alcaza)