The volume of money transfers to Moldova from abroad in favor of individuals through banks amounted to $664.48 million in January-May 2024, down by $20.16 million (-2.9%) compared to the same period in 2023.
The National Bank of Moldova reported that, in May 2024 the volume of these remittances amounted to $146.58 million, down by 0.06% compared to the previous month ($146.67 million), and also down by 4. 9%, compared to May 2023 ($154.12 million). The largest monthly amount of transfers since the beginning of 2024 occurred in April, when it reached $146.67 million. As noted by the NBM, in the structure of transfers by currency from abroad in favor of individuals, transfers in euros in May 2024 amounted to 81% (-0.7 percentage points by May 2023), transfers in US dollars - 19% (+0.7 percentage points), transfers in Russian rubles were not carried out - 0% (at the same level). In particular, in May 2023, the share of the US dollar in the structure of foreign exchange transfers was 18.3%, the euro – 81.7%, and the ruble – 0%. As noted by the NBM, the amounts of money transfers from abroad 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 purpose of these amounts may be different. They include, in addition to transfers from Moldovan migrants, also other money transfers: transfers 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. NBM data does not include payments through banks from the regions on the left bank of the Dniester. As previously reported by InfoMarket agency, the volume of money transfers to Moldova from abroad in favor of individuals through banks in 2023 amounted to $1 billion 627.75 million, down by $117.99 million (-6.7%) compared to 2022. The absolute record in the volume of money transfers from abroad in favor of individuals through banks was registered in 2022, when this figure amounted to $1 billion 745.74 million, increasing, compared to 2021, by $133.91 million ( +8.3%). // 24.06.2024 - InfoMarket.
