​MOLDOVA RECEIVED IN JULY RECORD SUM OF REMITTANCES - US$178.38 MILLION

Volume of remittances to Moldova from abroad via banks on behalf of physical persons accounted US$178.38 million in July, which is a record figure not only since the beginning of the year, but also over several recent years.

According to the National Bank of Moldova (NBM) data, the growth accounted US$21.8 million in comparison to July 2013.

The absolute majority of money - US$161.85 million - was received via international money transfer systems, where 40.3% (+5.1%) of remittances are in Russian rubles 35.8% (+1.5%) - in euros and 23.9% (-6.6%) - in US dollars.

Over seven months, the volume of remittances to Moldova exceeded US$946.5 million, including US$839.22 million – by means of international money transfer systems.

In 2013, the volume of remittances to Moldova from abroad on behalf of physical persons exceeded US$1,608 million. The major part of remittances arrived from Russia (68%), Italy (9.3%), Israel (6.3%), USA (4.8%) and France (1.3%). Remittances from these 5 countries consist 90% of the total volume.

Almost a million of Moldovan citizens are working 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.