Moldovans send less remittances home

Chisinau, 31 December /MOLDPRES/ - Private people (resident and non-resident) received an equivalent sum of 1.5 billion dollars from abroad via Moldovan banks in the first eleven months of 2014, which is more against the same period last year. Nevertheless, the remittances dropped sharply in the last two months, according to data by the National Bank of Moldova (BNM), made public today.

BNM data shows that, in past November, 106.4 million dollars was sent by transfer, via the Moldovan banking system, - a figure comparable to the one of the 2009 crisis year. Private persons received by almost 30 million dollars less in November against the same period of 2013.

After an evolution beyond expectations in the first nine months of 2014, the amount of transfers was lower in October than in September 2014 and the same period of 2013. The same situation occurred in November too. A few months ago, financial experts said the transfers might reach the record level of 2008,  - a year that preceded the crisis, namely of 1.66 billion dollars, if the past years' trends regarding the increase of remittances in the last quarter against the previous ones were maintained. The crisis in Russia, dramatic depreciation of the Russian rouble and a cut in the money flows from this country turned upside down forecasts.

According to BNM data, the quota of the Russian rouble in all transfers decreased to 32 per cent in November against 40 per cent in July. Most transfers were sent in euro, respectively 36.8 per cent. More than a fourth of the remittances were sent in dollars.

BNM has previously said that money transfers sent to private persons from abroad, via banks, did not include only remittances of Moldovan citizens working abroad, but also contained unilateral transfers, such as: pensions, allowances, inheritances, gifts, various contributions received by private people from abroad.

The World Bank’s data show that about 700,000 Moldovans work abroad, which is confirmed by officials too. The money sent by those who work abroad continues to represent a driving force for consumption and economic growth in Moldova.