Remittances sent to Moldova from abroad exceed 1.25 billion dollars
16:09 | 03.11.2014 Category: Economic
Chisinau, 3 November /MOLDPRES/ - Private people (resident and non-resident) received, in an equivalent sum, over 1.25 billion dollars via Moldovan banks in the first nine months of 2014. This is by 94 million more against the same period of 2013, according to data by the National Bank of Moldova (BNM).
Thus, Moldovans working abroad transfer much more money than foreigners invest here. Most money was sent by Moldovans working in Russia, almost 40 per cent from transfers were made in Russian roubles, despite the fact that Moldovan migrants are paid by Russian employers in dollars.
In the third quarter, the money transfers via the Moldovan banking system reached 487 million dollars. The experts say that the transfers might reach the 1.66-billion-dollars record level of 2008, the pre-crisis year. In the last quarter of 2008, when the effects of the financial crisis could be already felt, the remittances sharply dropped by over 100 million against the third quarter. Yet, the transfers have decreased insignificantly or stayed at the same level in the past years.
The BNM data, made public today, also shows that, in the third quarter, most transfers, 39.5 per cent, were made in roubles, 35.5 per cent in euros and 25 per cent in dollars.
BNM has previously said the money sent from abroad to private persons via banks included not only remittances of Moldovans working abroad, but also unilateral transfers, such as: pensions, allowances, inheritances, gifts, various contributions received by private persons from abroad.
The World Bank’s data show that about 700,000 Moldovans work abroad, with the information confirmed by local officials as well. The money sent by people working abroad continues to represent a driving force for consumption and economic growth in Moldova.
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