Money transfers to private persons strongly increase in Moldova for second consecutive month

Chisinau, 27 March /MOLDPRES/ – The volume of foreign money transfers to individuals through banks in Moldova rose by 18.3 per cent in February compared to the same period of 2017, after a 26 per cent increase in the first month of 2018. Moldovan banks received $93.48 million in February, the BNM’s info and media communication service has reported.

The National Bank of Moldova (BNM) states that in February 2018, compared to the same period of 2017, exchange rate fluctuations against $ contributed by 752 percentage points to total increase in value of foreign transfers. Effectively (deleting effect of exchange rate by recalculating amounts in the same period of previous year) was recorded an increase of remittances by 10.8 per cent.

Almost 38.7 per cent of transfers to individuals come from EU, 30.0 per cent of CIS countries and 31.3 per cent of the rest of the world. Russia continues to hold largest share among countries, or 29.0 per cent of total transfers, although transfers from Russia have fallen sharply in recent two years. The following places are Israel (17.9 per cent), Italy (13.0 per cent), United States of America (USA) (8.1 per cent), Germany (6.2 per cent), United Kingdom of Great Britain and Northern Ireland (UK of GB&NI) (5.1 per cent).

In structure of currencies, transfers of $ accounted for main part of 48.9 per cent, followed by transfers in € – 45.1 per cent and Russian rubles – 6.0 per cent.

The value of cash transfers made to individuals increased by 11.2 per cent in 2017 compared to 2016 when remittances went down to lowest level in recent ten years. The individuals (resident and non – resident) received in 2017 throughout banks of Moldova funds in net amount, adjusted seasonally, equivalent $1 billion 199.9 million.

(Reporter V. Bercu, editor M. Jantovan)