Remittances from Russia almost stopped and forecasts show that the value of remittances from the EU will decline. In such conditions, this source of financing consumption will be negative compared with the previous periods, the governor of the National Bank of Moldova Octavian Armașu told a news conference.
“Remittances from the Russian Federation practically stopped. I don’t know if they are resumed and if a channel for transferring this money outside the international sanctions is found,” explained the governor.
According to him, most of the central banks of the large economies, such as the U.S. and the EU, said firmly that they will resort to more robust restriction of the monetary policy. “This will definitely have an impact on the economy in those regions. In particular, we are interested in the European area. So, our anticipation is that the aggregate demand and economic activism in these regions will suffer particular stagnation. This means that we could experience pressure on remittances from there too. We speak about the development of remittances in nominal terms. In real terms, remittances in the next quarters will follow a downward trend,” stated Octavian Armașu.
The governor also said that there are sufficient reserves of freely convertible currency – euros and dollars. The volume of Russian rubles in the accounts of banks is limited.
