Money transfers to individuals in Moldova return to strong growth prior crisis

Chisinau, 28 April /MOLDPRES/ – The volume of money transfers from abroad to individuals through banks in Moldova increased by 17.8 per cent in first quarter of 2018 and returned to strong growth before crisis of "billion theft". The remittances rose in January – March 2018 to $297.45 million, but have not yet reached the same level in same period of 2014, when individuals, both residents and non-residents, received $314 million through banking system.
In March 2018, foreign banks transferred from abroad almost $110 million, 12 per cent more than in same period of 2017.
The National Bank of Moldova (BNM) states that there was an increase in volume of transfers by 4.9 per cent and in March fluctuations of exchange rate of currencies against USD contributed by 7.1 percentage points to total increase in value of foreign transfers in favour of individuals but effectively (eliminating effect of exchange rate by recalculating sums at exchange rate in same period of 2017).
About 38 per cent of transfers to individuals come from EU, 29.4 per cent of CIS countries and 32.6 per cent of rest of the world. The Russian Federation continues to hold largest share among countries, or 28.4 per cent of total transfers, although remittances in Moldova have fallen significantly over recent two years. The following places are Israel (18.2 per cent), Italy (11.8 per cent), USA (7.5 per cent), Germany (5.9 per cent), United Kingdom of Great Britain and Northern Ireland (5.1 per cent). The shares lower than 4 per cent come from countries like France, Turkey, Spain, Romania, Ireland.
In structure of currencies, USD transfers accounted major share of 46.5 per cent, followed by transfers in Euros – 45.7 per cent and those ones in Russian rubles – 7.8 per cent.
The value of cash transfers made to individuals increased by 11.2 pe rcent in 2017 compared to 2016 when remittances declined to lowest level in recent decade. The individuals (residents and non – residents) received in 2017 through banks of Moldova money in net amount, adjusted seasonally, equivalent to $1 billion 199.9 million.
(Reporter V. Bercu, editor A. Raileanu)