Moldova is the first in the world in terms of share of remittances in the GDP
Moldova and Tajikistan are on the first places in the world in terms of share of remittances in the GDP (36.2%), the World Bank report "Remittance Trends 2007" shows.
The two countries are followed by Tonga with 32.3%, Kirghizia (27.4%), Honduras (25.6%) and Lesotho (24.5%).
According to the WB study, the global volume of remittances in 2007 will reach 240 bn USD compared with 221 bn USD a year before. The WB top puts India on the first place in the world in terms of remittance volume with 27 bn USD expected in 2007 from migrants, followed by China (25.7 bn USD) and Mexico (25 bn USD).
The top ten beneficiary countries of the overseas remittances is completed with Philippines (17 bn USD), France (12.5 bn), Spain (8.9 bn), Belgium (7.2 bn), Germany and UK (by 7 bn USD) and Romania (6.8 bn USD).
According to the statistics of the National Bank of Moldova, Moldovan citizens who work abroad transferred in nine months this year 842.56 mln USD via commercial banks. The volume of remittances exceeds by about 20% the figure reported in 2005.
In the third quarter of the year, about 80% of the remittances were transferred using rapid money transfer systems. The most important operator was Western Union accounting for approximately 50% of remittances, and the biggest amounts were transferred by the Moldovan citizens working in Russia.
Experts say that the increasing trend of the volume of transfers will preserve by the end of this year, being more pronounced in September and December. "Moldovan citizens send more and more money home, in particular, during the last month of summer and on Christmas eve", experts say.
Observers believe that the constant increase of the volume of foreign exchange transferred is the consequence of the growing number of citizens working abroad, their legalization there as well as higher collected wages, in particular for those employed in Russia. According to IMF forecasts, in 2007 the volume of foreign exchange inflows may reach 1.283 bn USD, and in 2008 it may reach 1.411 bn USD.
According to the data provided by the National Statistics Bureau, about 334,000 Moldovan citizens were reported to work abroad at the end of 2006. However, according to some independent experts, the number of Moldovan citizens working abroad outnumbers half a million people. // BASA-Press
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