Transfers of currency from EU to private people of Moldova exceed 44 per cent of all sums

Chisinau, 26 March /MOLDPRES/ - Private people (resident and non-resident) received financial means, through Moldova’s banks, in a net sum equivalent to 39.5 million dollars from European Union countries in February 2019. The transfers from EU reached a share of 44.5 per cent of all sums in last February against 38.7 per cent on the same period of the year before, against a background of considerable cut in remittances from the Commonwealth of Independent States (CIS), according to data by the National Bank of Moldova (BNM).   

The transfers from CIS have a tendency of diminution, dropping to a share of 21.7 per cent in February this year, from 30 per cent in 2018. Moldovans working in Russia this year send home thrice less money than six years ago. The remittances from other states, except for the CIS and EU, accounted for 33.8 per cent of all transfers.   

BNM data shows that, out of all European Union member states, Italy has the biggest share of 12.7 per cent of all transfers; it is followed by Germany (7.5 per cent), the United Kingdom (6.2 per cent) and France (4.5 per cent). Most transfers in last February were made from Israel, respectively 18.51 million dollars, followed by Russia with 18.30 million dollars.    

The value of transfers made to private persons in February 2019 decreased by 5.2 per cent against the same period of the previous year. It is the second month in a row when the remittances are dropping, after they had decreased by 8.7 per cent in last January. Private people (resident and non-resident) in the first two months of 2019 received, through Moldovan banks, financial means in a net sum equivalent to 174.8 million dollars, of which 88.8 million dollars in last February.   

The National Bank said that, in February 2019, the fluctuations of the exchange rate of currencies against the U.S. dollar had contributed with 5.1 percentage points to the overall decrease in the value of transfers from abroad to private people; yet, a 0.1 per cent diminution of transfers was recorded (by removing the effect of the exchange rate through recalculating the sums at the exchange rate of the concerned period of the year before).   

Central bank’s data shows a change of the structure of transfers, including through quick payments systems. Most gross transfers through money transfer systems, respectively 55.4 per cent of all transfers, were made in euros, against 45.1 per cent in 2018. The share of the U.S. dollar in overall transfers sent to private persons dropped from 48.9 per cent in February 2018 to 41.4 per cent in the second month of 2019. The Russian rouble had a share of 3.2 per cent.