Moldovans from abroad send home over $300 million in second quarter of 2019

Chisinau, 02 August /MOLDPRES/ – The total volume of money bank transfers from abroad in favour of individuals of Moldova amounted up to $313.47 million, in the second quarter of 2019, down 8.5 per cent compared to similar period of 2018, show data of the National Bank of Moldova (BNM), released on Friday, 02 August.

According to the BNM's information and media communication service, transfers in the amount of 82.8 per cent were made through money remittance systems (only in USD, EUR and RUB), mainly without opening bank accounts, and 17.2 per cent – bank transfers (in various currencies) through the SWIFT system presented in gross value.

The fluctuations of the exchange rate of currencies in which transfers are made against U.S. dollar contributed by 3.4 percentage points to the decrease of remittances. Apart from the effect of exchange rate by recalculating the amounts during the respective period of 2018, the real decrease of the transfers constituted 5.1 per cent. This was due to an increase of 4.0 per cent in EUR transfers and a decrease in remittances in USD and RUB by 16.0 per cent and 51.0 per cent, respectively.

The EU transfers registered a share of 46.4 per cent, up 6.4 percentage points compared to the second quarter of 2018, and those of CIS – 22.7 per cent, down 6.5 per cent percentage points, states BNM. The transfers from other states, except EU and CIS, accounted for 30.9 per cent in the second quarter of 2019.

The BNM draws attention to the fact that the transfers of money from abroad in favour of individuals through banks do not consist only of remittances of Moldovan citizens working abroad. They also include other transfers, which represent less than 2 per cent out of total.