Remittances amount to about USD 290 mln in first four months of 2007

The Moldovans working abroad transferred home about USD 290 million through commercial banks in the first four months of 2007. In January there were wired about USD 60.3 mln, in February – USD 65.3 mln, in March – USD 84 mln, in April – USD 79.98. 71.6% of the total volume of remittances was transferred via fast transfer systems. Last year, the Moldovan citizens working abroad transferred about USD 855 mln via commercial banks, or by one quarter more against last year. USD 628.6 mln (+26.3%) was sent by means of fast transfer systems. Experts say the total remittances (official and unofficial) from the citizens working abroad in 2006 could reach an estimate USD 1.2-1.3 bln. The most 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.