Raising the deposit guaranteeing ceiling from 6,000 lei to €20,000 would be the most efficient method of attracting remittances to Moldova’s economy, said the chairman of the People’s Party of the Republic of Moldova (PPRM) Alexandru Oleinic. According to him, namely such a state guarantee would contribute to building confidence in Moldova’s prospects and would stimulate the Moldovan migrants to invest their savings in the country, IPN reports.

According to a communiqué of the PPRM, the rise in remittances and their impact on Moldova’s economy are the most topical problems tackled in the policy documents approved by the Government and in the reports and studies of national and foreign experts. “Until now they didn’t manage to identify effective methods of attracting remittances to the national economy,” said Alexandru Oleinic.

He noted that a study in the field showed that the net volume of remittances in 2000-2012 rose over nine times. About 40% of the money is transferred to Moldova by informal ways. Thus, the incomes of the migrants are much higher than the remittances that enter Moldova officially.

Alexandru Oleinic underlined that the remittances are mainly used for consumption, but a part of them are invested in productive businesses, real estate and human capital and this contributes to the diminution of the level of poverty in their families.

According to the PPRM, such a state of affairs necessitated the immediate adoption of programs to attract remittances to the economy and the identification of more attractive measures for applying swift transfer systems and developing distance banking services. In order to maintain the migrants’ interest in the developments in Moldova, the Government should intensify the activities aimed at informing the migrants about the business opportunities in the country and diversity the lending products for migrants and other instruments.