Money Transfers to Moldova Increased by Almost 30%

The volume of money transfers to Moldova through banks from abroad in favor of individuals amounted to $ 651.73 million by the beginning of June - $ 148.79 million (29.5%) more than a year ago. According to the National Bank (NBM), $ 138.91 million was transferred to the republic in May, of which $ 113.91 was transferred through international money transfer systems, infotag.md reports. In the structure of transfers over the past month, the euro dominated with a share of 66.9% (+5.3 p.p. compared to May 2020), US dollars - 31% (-5.8 p.p.) and Russian rubles - 2.1% (+0.5 p.p.). Most of the transfers came from Israel - $ 26.49 million (19.7% of the total), Italy - $ 22.65 million (16.8%) and Russia - $ 17.03 million (12.7%). $ 16.01 million (11.9%) came from Germany; Great Britain - $ 9.66 million (7.2%) and France - $ 8.27 million (6.1%). Transfers from abroad in favor of individuals through banks consist not only of transfers of labor migrants, but also include other money transfers: transfer of salaries to individuals-residents from representative offices of non-residents (international financial institutions, international organizations, foreign economic agents) in Moldova, transfers in favor of foreign citizens temporarily staying on the territory of Moldova, social pensions, benefits, alimony, gratuity, donations. The volume of money transfers to Moldova through banks in favor of individuals in 2020 exceeded $1.486 billion - an increase of 21.6% since 2019. According to the World Bank, transfers of Moldovan guest workers make up 30% of the country's GDP. The record volume of money transfers to Moldova from abroad in favor of individuals through commercial banks was registered in 2008 - $ 1.660 billion.