Official remittances at $1.4 billion in 10 months of 2008

The Moldovan working abroad sent home some $1.4 billion through through bank transfers in the first 10 months of this year. The amount is $426 million more than the foreign earnings sent home during the same period of 2007 (973.5 million) and $181 million more than during the whole 2007 (1.218 billion), Info-Prim Neo has learnt from the National Bank of Moldova (BNM). In the first quarter, the Moldovans transferred $320.67 million, and in Q2 – $435.18 million, in Q3 – $503.9 million. In October, $139.41 million were transferred through banks, $17.37 million less than the previous month, but $8.55 million more than in October, 2007. An economic analyst highlights a significant drop in foreign earnings on the background of the global financial crisis, which hits the countries where the Moldovans work. Experts say some 1/3 of them will have t0o return home. The Organization for Economic Cooperation and Development forecasts a 6% drop in foreign earnings sent by migrant workers coming from developing countries. According to a World Bank report, Moldova ranks the second in 2008 by the amount of remittances related to the GDP – 38.3%. A year ago, the quota was 27%. Tadjikistan is on the first place with 45.5%. The most money comes from Russia and Italy. According to unofficial estimations, over $300 million are brought home unofficially. According to official statistics, in Q3 of 2008, the number of people reported by their families as working abroad was 343,000.