Share of currency transfers from EU to private people doubles in Moldova in last five years

Chisinau, 5 February /MOLDPRES/ - The transfers through the systems of remitting money from the European Union to private persons have doubled in terms of share in the last five years, to 40.43 per cent in 2018, against the background of a considerable cut in remittances from the Commonwealth of Independent States (CIS), from a quota of 66.3 per cent in 2013 to 28.3 per cent last year.  

„During 2013-2018, the transfers to private persons from CIS had a tendency of diminution and the ones from EU, on the contrary, a tendency of increase,” the National Bank of Moldova (BNM) said in an analysis made today.  

The same tendency maintained in 2018 too, when the transfers from CIS dropped by 14.5 per cent against the year before and by 24.2 per cent more money was sent from EU against 2017. The remittances from other states, excepting CIS and EU, accounted for 31.3 per cent in 2018 and 30.7 per cent in 2017.  

The transfers from CIS come particularly from Russia, which has an absolute share of 95.8 per cent of the money sent home by Moldovans working in countries from the East. The remittances from Italy have the highest quota, 30.8 per cent, of the transfers from EU; it is followed by Germany with 16.2 per cent, the United Kingdom (14 per cent), France (9.2 per cent).    

According to BNM data, the structure of transfers from abroad to private people according to currencies through money transfer systems has changed in the last five years. The transfers in euros increased continuously after 2015 and reached a share of 47.3 per cent in 2018, while the Russian rouble’s share decreased against other currencies and dropped from a quota close to 40 per cent in 2014 to 7.2 per cent in 2018. The U.S. dollar continues to have an important share, although a tendency of decrease of the share of transfers in dollars was recorded, described by BNM as significant, from 49.9 per cent in 2017 to 45.5 per cent in 2018.    

BNM’s data shows that the overall banking transfers of money from abroad to private people from Moldova in 2018 amounted to 1,266.84 million dollars, up by 5.6 per cent against the year before. As much as 83.7 per cent of the transfers were made through money transfer systems, mainly, without opening bank accounts and 16.3 per cent are banking transfers (in diverse currencies) through SWIFT systems, presented in gross value.