Remittances to Moldova rise 26.2% y/y in Jan - c-bank

Remittances to Moldova rise 26.2% y/y in Jan - c-bank Remittances to Moldova, Jan 2018

CHISINAU (Moldova), February 27 (SeeNews) - Remittances to Moldova by migrant workers rose 26.2% on the year to $94.34 million (76.5 million euro) in January, the central bank, BNM, said on Tuesday.

In January, money transfers from Moldovan workers in the EU countries made up 36.7% of the total volume of remittances, BNM said in a statement. The share of remittances from the Commonwealth of Independent States (CIS) reached 28.3%, while 35% came from other states.

Most of the money transfers, 49.8%, were made in US dollars, followed by transfers in euro, 44.7% and in Russian rubles, 5.5%.

An estimated one-third of Moldova's economically active population is currently working abroad, making remittances the single most important net source of foreign exchange in Moldova.

Remittances sent to Moldova by migrant workers rose 11.1% on the year to $1.199 billion in 2017.

The foreign exchange reserves held by Moldova's central bank increased by $100.2 million net in January, reaching $2.903 billion.

($ = 0.8114 euro)

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