Official remittances topped $1.2b in 2007

The Moldovans working abroad last year transferred home about 1.21 billion USD, a 42% increase compared with 2006, when remittances came to only 855 million USD, Info-Prim Neo reports. According to the central bank, the remittances sent to Moldova through commercial banks in December 2007 totalled 124.27 million USD, in November - about 118.75 million USD, in October - 130.57 million USD, in September - 116.99 million USD, in August – 127.02 million USD, in July - 123.82 million USD, in June - 93.94 million USD, in May - 91.63 million USD, in April - 79.72 million USD, in March – 83.79 million USD, in February – 65.37 million USD, in January – 60.37 million USD. A study of the International Organisation for Migration says that more than 40% of the households in Moldova receive remittances from abroad. The remittances are spent mainly on current consumption, to purchase domestic appliances, furniture and to pay debts. Only a small part of this money, less than 7%, is invested in business and about 5% is deposited in bank accounts. According to a World Bank report, remittances in Moldova make up one third of the GDP, which is the highest value in the world. Some analysts say the remittances will continue to rise the next years, while others disagree, arguing that more and more Moldovans settle abroad. The largest sums of money come from Russia and Italy. According to unofficial statistics, over 300 million USD is brought home by acquaintances and drivers working on international routes. About 360,000 Moldovans work abroad according to official statistics and roughly one million people according to unofficial statistics.