Remittance flows to Moldova through banks in favor of individuals increased by 17.2% (+ $136.74 million), to $931.94 million in January-July 2021 relative to the same period in 2020.
The National Bank of Moldova (NBM) informed that, in July 2021 the flow of the mentioned remittances amounted to $135.83 million, down 5.9% to the previous month ($144.37 million), as well as down 8.7%, compared to July 2020 ($148.82 million). At the same time, the largest monthly amount of transfers this year was registered in April 2021 - $147.49 million. As noted by the NBM, in the structure of remittances by currencies from abroad in favor of individuals, money transfers in euros in July 2021 amounted to 64.4% (+2 pp compared to July 2020), transfers in US dollars - 33.2% (-3 pp), and in Russian rubles - 2.4% (+1 pp). In particular, in July 2020, the share of the US dollar in the structure of foreign exchange transfers was 36.2%, the euro - 62.4%, and the ruble - 1.4%. As noted by the NBM, remittances from abroad, carried out in favor of individuals of Moldova, are converted from the original currency of the remittance 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 remittances 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 the districts on the left bank of the Dniester. As InfoMarket 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, remittances of Moldovan guest workers are in different years from 15% to 30% of the country's GDP. The absolute record by the volume of money transfers to Moldova from abroad in favor of individuals through commercial banks was registered in 2008 - $1 billion 660.09 million. // 23.08.2021 - InfoMarket.
