Official remittances pass $185m

The Moldovans working abroad in the first two months of this year sent home through banks about 186 million USD, an increase of 60 million USD compared with the corresponding period last year, Info-Prim Neo reports, quoting the National Bank of Moldova. This January, the Moldovans transferred home 87.5 million USD, while this February – 98.57 million USD, including 63.32 million USD and, respectively, 71.15 million USD through money transfer systems. According to the World Bank, Moldova takes the first position in Europe by the share of remittances in the Gross Domestic Product. Remittances make up one third of Moldova’s GDP. Most of the money comes from Russia and Italy. Unofficial statistics show that over 300 million USD is brought into the country by acquaintances or drivers working on international routes. Some analysts say that remittances will continue to grow the next years, while others disagree, arguing that more and more Moldovans settle abroad. A study of the International Organization for Migration says that more than 40% of the households in Moldova receive remittances from abroad. Most of this money is used for current consumption, to purchase goods, realty and to pay debts. Only less than 7% of this money is invested in business and about 5% is deposited in bank accounts. About 360,000 Moldovans work abroad at present according to official statistics, and up to one million people according to unofficial ones.