Remittances to Moldova exceed 730 million dollars in eight months of 2009

Oct. 15, 2009 / [7596]

Chisinau, 15 October /MOLDPRES/ - Moldovans working abroad remitted over 730 million dollars through commercial banks in the first eight months of 2009. This is by about 35 per cent less against the same period last year, when the remittances amounted to 1.1 billion dollars, according to data by the National Bank of Moldova (BNM).

Remittances from abroad started decreasing last January. In August 2009, the transfers stood at 103 million dollars, at the same level as a month before. The drop in remittances is triggered by the economic crisis, as part of the Moldovans working abroad lost their jobs or returned home.

Government officials have forecast that, in 2009, the remittances will remain at the last year's level or will drop because of the economic crisis.

BNM data also showed that 82 per cent of all the money was sent through quick transfer systems, among which Western Union, Migom, Strada Italia, Express Mail, etc.

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