Money remittances from abroad amounted to almost half million dollars in Moldova in first four months of 2008

MOLDPRES, 18.06.2008

The Moldovans who work abroad transferred about 475 million dollars through commercial banks in January-April 2008, against about 290 million dollars in the similar period of 2007, according to data put out by the Moldovan National Bank (BNM).

Thus, last April alone, the size of remittances was over 154 million dollars, increasing 22 per cent against the month before.

An economic analyst, Veaceslav Ionita, has told MOLDPRES that the rise of transfers leads to the appreciation of the national currency, which subsequently triggers an inflation increase. At the same time, Ionita specified that, while several years ago, the transfers were meant for consumption, presently, a half of the currency remittances represent investments in the form of money deposits.

BNM data show that more than 75 per cent of all the transfers were made through quick transfer systems, among which Western Union, Migom, Travelex, Strada Italia, Turkiye Express etc.

Last year, the value of money transferred through commercial banks was of 1.2 billion dollars, and in 2006, the Moldovans sent home about 855 million dollars.