Moldovans remit $613M from abroad in seven months of 2009

September 16, 2009

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Moldovans working abroad transferred 613 million U.S. dollars through commercial banks during the first seven months of 2009. This is by 35 per cent less against the same period last year, when the remittances amounted to 936 million dollars, according to data by the National Bank of Moldova (BNM).

The remittances from abroad have been decreasing since January 2009. Last August, the transfers amounted to about 100 million dollars, against 110 million dollars in July 2009. Given the ongoing economic crisis, most Moldovans working abroad continue to preserve their jobs and send money home.

The Economics and Trade Ministry has forecast that, in 2009, the remittances will stay at the level of 2008 or will drop because of the economic crisis.

BNM's data also show that over 80 per cent of all the money was sent via quick transfer systems, among which Western Union, Migom, Strada Italia, Express Mail, etc.

In 2008, money transferred from abroad reached a record-high of 1.66 billion dollars. In 2007, Moldovans sent home about 1.2 billion dollars, and 855 million dollars in 2006.

Moldpres