The National Bank of Moldova (BNM) will cooperate with the International Organization for Migration (IOM) in carrying out common actions in the area of international transfers. On October 25, they signed a memorandum of understanding in this respect, IPN reports.

“The cooperation between the National Bank of Moldova and the International Organization for Migration will contribute to attracting transfers from abroad to the financial sector so as to ensure sustainable development and more intense economic growth,” said BNM governor Dorin Dragutanu.

He also said that the remittances represent an important part of the GDP, that’s why the central bank encourages the attraction of these resources to the banking system in a safe and convenient way. It was estimated that 25-35% of the remittances coming through banks or rapid transfer companies are sent to Moldova by informal ways, by acquaintances and minibuses.

Speaking about the actions that must be taken to redirect this money, Head of the IOM Mission in Moldova Antonio Polosa said they will work to convince the migrants to abandon the informal and less safer channels of transferring money.

“We will carry out a campaign to inform the Moldovans working abroad. We will finance a large number of activities abroad, intended to increase the migrant workers’ level of financial culture. We will organize seminars, roundtable meetings and studies. We will distribute leaflets and brochures among them,” he stated, adding that the IOM has good relations with the Moldovan diaspora in many counties and will make use of them.

The IOM will also facilitate the dialogue with the authorities and the banking sector in the European countries where Moldovans work so as to create the preconditions needed for implementing new international transfer systems and services.

Asked how the IOM will help the illegal migrants who do not have a work contract to transfer remittances through banking systems, Antonio Polosa said the IOM does not make a difference between the legal and illegal migrants. “But this aspect cannot be neglected. We are now working with Italy’s Post Office, the postal authorities of other states and Moldova’s Post Office. When money is sent through mail, not much information is required,” he stated.

In January-August, the Moldovans working abroad transferred home US$1.21 billion, by US$83 million or 8.8% more than in the corresponding period last year. Remittances represent 16.4% of the total incomes of the Moldovan population.