​REMITTANCES TO MOLDOVA FALL BY US$73.4 MILLION IN 1Q2015

Volume of remittances to Moldova from abroad by means of banks on behalf of physical persons accounted US$239.73 million in 1Q2015, which is US$73.4 million (23.7%) less than a year ago.

According to the National Bank of Moldova (NBM) data, US$197.76 million was received via international money transfer systems, while the currency structure changed. In particular, the US dollars share went up from 27.6% to 31.6%, in Euros - from 37.8% to 42.4%, while remittances in Russian rubles, on contrary, fell from 34.6% to 20.2%.

March became the most reach in remittances this year with the total sum received worth US$91.14 million against US$79.23 million in February and US$69.36 million in January.

In 2014, volume of remittances to Moldova from abroad on behalf of physical persons exceeded US$1,612 million, which is US$4 million more than a year ago.

Almost a million of Moldovan citizens work abroad. Remittances from Moldovan migrants account 25-30% of the country’s GDP.

According to the NBM, remittances from abroad on behalf of physical persons include not only the gastarbeiters’ transfers, but also the unilateral transfers such as pensions, benefits, inheritance, gifts, donations and other types of transfers.

The historic maximum was registered in 2008, when Moldovan citizens sent home US$1.66 billion.

Infotag’s dossier: The Republic of Moldova banks use over 20 international money transfer systems. The most popular are Western Union, Unistream, Contact, «Bystraia Pochta», Anelik, Leader, «Zolotaia Korona», Blizko.