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Remittances to Moldova exceeded $398m

7 june 2012, 14:57 print out copy link The link has been copied to the Clipboard

The amount of remittances to Moldova from abroad via banks to individuals reached US$398.8 million as of beginning of May, which is US$5.45 million more than one year ago.
According to the National Bank of Moldova, the sum of remittances in April reached US$109.8 million, which is 5.4% less than in the analogous period of 2011.

Altogether, US$97.49 million were remitted via quick international money transfer systems (against US$98.87 million in April 2010); at the same time, 40.5% (against 44.5%) were remitted in U.S. dollars, 37.9% (40.4%) in euros, and 21.6% (14.1%) in Russian rubles.

Last year, total remittances to Moldova made US$1.454 billion, which is 16.8% more than in 2010. A historical maximum was registered in 2008, when US$1.66 billion were remitted to Moldova.

According to the World Bank, remittances of Moldovan gastarbeiters make 25-30% to the gross domestic product of Moldova.

Infotag’s dossier: Moldovan banks use over 20 quick international money transfer systems. Among most popular are – Western Union, MIGOM, VMT (Vip Money Transfer), Strada Italia, SWIFT, Moldova Express, and Anelik.

According to the National Bureau of Statistics, about 350,000 Moldovans are temporary employed abroad; in conformity with the World Bank data, the number is twice as many. Over last 11 years, individuals remitted to Moldova via banks about US$9.5 billion, which is almost three times as much the amount of foreign direct investment.

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