Transfers from abroad made in favor of private individuals in Moldova through banks in the first two months of this year came to US$219 million. This is an absolute record for Moldova, economic expert of the Institute for Development and Social Initiatives “Viitorul” Veaceslav Ioniță posted on his blog. According to him, the previous record was set in 2013, when remittances during two months came to US$203 million. This was preceded by the record of 2008, when the transfers came to US$194 million, IPN reports.
A study by “Viitorul” shows that the Moldovans send home through banks maximum 80% of the money, the rest being transmitted through regular minibus routes, bank cards issued abroad or relatives and friends. In other words, the volume of remittances sent by Moldovans home rises by another US$55 million.
At least one similar sum of US$55 million, which according to expert estimates is brought home by the Moldovans in person when they return home, should be added to this sum. This way, the total remittances from Moldovans that enter the country by all the possible ways during the first two months of the year amounted to at least US$330 million.
“We consider this rise was primarily fuelled by the difficulties in sending money home by informal ways and the real volume of remittances actually didn’t grow, if only the part sent through banks. In other words, the volume of money sent through banks increased following the reduction in the amounts of money that come to the country through other channels,” stated Veaceslav Ioniță.
In 2020, the total volume of remittances rose to US$1,487 billion, which is the highest level for the last six years. Remittances continue to grow and in annual value they now stand at US$ 1.533 billion.
