Money transfers to individuals reach highest level in January within recent five years in Moldova
23:35 | 28.02.2018 Category: Economic
Chisinau, 28 February /MOLDPRES/ – The volume of foreign money transfers to individuals through banks in Moldova reached highest level in recent five years, $94.34 million, after a record 26 per cent growth in January, according to data of the National Bank of Moldova (BNM).
In January 2014, remittances amounted $91.58 million. BNM points out that during the first month of 2018, compared to the same period of 2017, exchange rate fluctuations against the US dollar contributed by 7.2 percentage points to total increase in value of foreign transfers. Effectively, there was an increase of remittances by 19.0 per cent, by eliminating effect of exchange rate by recalculating amounts during same period of previous year.
About 36.7 per cent of transfers to individuals come from EU, 28.3 per cent of CIS countries and 35 per cent from the rest of the world. Russia continues to hold highest share among countries, or 27.2 per cent of total transfers, although remittances in Moldova have fallen significantly in recent two years. The following places are Israel (20.7 per cent), Italy (13.5 per cent), USA (8.5 per cent), Germany (5.1 per cent), United Kingdom of Great Britain and Northern Ireland (4.2 per cent).
In the structure of currencies, transfers in USD accounted for 49.8 per cent, followed by transfers in euros – 44.7 per cent and in Russian rubles – 5.5 per cent.
The value of money transfers in favour of individuals increased by 11.2 per cent in 2017, compared to 2016 when remittances declined to lowest level in recent ten years. The individuals (resident and non – resident) received in 2017 through the banks of Moldova funds in net amount, adjusted seasonally, equivalent to $1 billion 199.9 million.
According to the National Bureau of Statistics (BNS), money transfers abroad remain a significant source for household budget. On average, they accounted for 14.6 per cent of total revenue in the third quarter of 2018, and their contribution was 1.5 percentage points lower than in same period of 2017. The rural population compared to urban one is more dependent on transfers from out of Moldova, their share in revenues being 21.1 per cent compared to 8.3 per cent for urban population, according to official statistics.
(Reporter V. Bercu, editor L. Alcaza)
