In the second quarter of this year, bank transfers of cash from abroad in favor of individuals amounted to $313.47 million. About 83% of the transfers were made through systems that don’t require opening bank accounts.

According to a press release from the National Bank, the recalculated dollar value of second quarter transfers decreased by 8.5 percent compared to the same period last year. The exchange rate fluctuations of the original currencies against the dollar were responsible for a 3.4 percentage point decrease in the value of the transfers.

Most transfers were in euros ($ 174.95 million), followed by those in dollars ($ 123.26 million), Russian rubles ($ 12.05 million) and other currencies ($ 3.21 million of dollars).

By geographical origin, most transfers came from the EU, with a share of 46.4%, up 6.4 percentage points compared to the second quarter of last year. The transfers from the CIS constituted 22.7%, down 6.5 percentage points, and transfers from other states, except the EU and CIS, accounted for 30.9%, compared to 30.8% in 2018.

Of the total EU transfers, broken down by country, the Italian transfers have the highest share, of 26.8%, followed by transfers from Germany - 16.9% and the United Kingdom of Great Britain and Northern Ireland - 15%. Transfers from Russia account for a major share of 95.2 percent of all CIS transfers.