Remittances amounted to USD 382 mln in five months of 2007

The Moldovan citizens working abroad transferred home about USD 382 mln in January-May. According to the data from the central bank, the value of the transfers in January constituted USD 60.3 mln, in February – USD 65.3 mln, in March – USD 84 mln, in April USD 79.9 mln, in May – USD 92.2 mln. 70% of remittances were wired via money transfer systems. Last year, individuals transferred about USD 855 mln via commercial banks, by one quarter more than in the previous year. According to the estimations by some experts, the total remittances (official ones) wired by the Moldovan citizens working abroad amounted to USD 1.2 -1.3 bln in 2006. The majority of remittances come from Russia and Italy. According to World Bank data, Moldova ranks the first in Europe by size of remittances, which make up one third of the Gross Domestic Product. In addition, a study by ILO says that over 40% of the domestic households in Moldova receive remittances from broad. The largest part of the inflows is used to purchase consumer goods and furniture and to settle the debts. Only a small amount of this money, less than 7%, is invested in business, and about 5% are deposited in banks.