The volume of money transfers to Moldova through banks in favor of individuals in the first quarter of 2021 amounted to $ 365.34 million, an increase of 32.1% (+ $ 88.88 million), compared to the same period in 2020.
As InfoMarket agency was informed in the National Bank of Moldova, in March 2021 the volume of the mentioned remittances amounted to $ 145.99 million, an increase of 28.6% in comparison with the previous month ($ 113.53 million), as well as an increase of 53.5%, compared to March 2020 ($ 95.13 million). At the same time, in March 2020, the largest monthly amount of transfers was registered that year. As noted in the NBM, in the structure of transfers by currencies from abroad in favor of individuals, transfers in euros in March 2021 amounted to 65.7% (+ 8.3 p.p. compared to March 2020), transfers in US dollars - 31.7% (-6.4 pp), and in Russian rubles - 2.6% (-1.9 pp). In particular, in March 2020, the share of the dollar in the structure of foreign exchange transfers was 38.1%, the euro - 57.4%, and the ruble - 4.5%. As noted in the NBM, the amounts of money transfers from abroad, carried out in favor of individuals in Moldova, are converted from the original currency of the transfer into US dollars at the official exchange rate of the NBM on the date of the money transfer. Both the origin and the purpose of these amounts can be of a different nature. They include, in addition to transfers of Moldovan migrants, also other money transfers: transfer of salaries to resident individuals from representative offices of non-residents (international financial institutions, international organizations, foreign economic agents) in Moldova, transfers in favor of foreign citizens temporarily staying in the territory of Moldova, social pensions, benefits, alimony. The NBM data does not include payments through banks from areas on the left bank of the Dniester. As InfoMarket agency reported earlier, the volume of money transfers to Moldova through banks in favor of individuals in 2020 amounted to $ 1 billion 486.74 million and increased by 21.6%, compared to 2019. According to the World Bank, transfers of Moldovan guest workers make up in different years from 15% to 30% of the country's GDP. The absolute record for the volume of money transfers to Moldova from abroad in favor of individuals through commercial banks was in 2008 - $ 1 billion 660.09 million. // 23.04.2021 — InfoMarket
