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Graphical analysis of money transfers from abroad in favour of individuals, June 2017



In June 2017, the total amount of net money transfers from abroad made in favour of individuals via licensed banks of the Republic of Moldova amounted to US$ 108.33 million (increasing by  10.5% as against June 2016)

 

Chart no. 1. Money transfers structure by main countries in favour of individuals in June 2017, %

The distribution by countries of money transfers from abroad in favour of individuals showed that the Russian Federation continued to be the main partner of the Republic of Moldova and held the share of 35.7 percent (USD 38.71 million) of total transfers (decreasing by 2.1 percentage points as compared to June 2016). At the same time, the transfers from Israel - 16.4 percent (USD 17.80), from Italy - 12.2 percent (USD 13.20 million), USA - 7.4 percent (USD 8.01 million), Great Britain - 4.9 percent (USD 5.26 million), Germany - 4.5 percent (USD 4.92 million), France - 2.7 percent (USD 2.93 million), Spain - 1.2 percent (USD 1.29 million),Turkey - 1.1 percent (USD 1.19 million), Romania - 0.8 percent (USD 2.06 million), Republic of Ireland – 1.0 percent (USD 1.04 million), Portugal – 0.8 - 0.8 percent (USD 0.91 million),  Romania - 0.8 percent (USD 0.84 million), Other countries – 11.3 percent (USD 12.21 million).

 

Chart no. 2. Currency structure of money transfers from abroad via MTS in favour of individuals through licensed banks (%) June 2017

In the currency structure of  transfers in favour of individuals, transfers made in US dollars have the main rate of 49.0% (down by 0.9 p.p compared to June 2016), followed by transfers in EUR - 41.1% ( up by 5.0 p.p ) and those in RUB- 9.9% (down by  4.1 p.p).

 

Chart no. 3. Money transfers from abroad made in favour of individuals, in monthly dynamics, 2015 – June  2017 (US$ million.)

In June 2017, compared with the same period of the last year, the exchange rate fluctuations of the currencies from money transfers via MTS against the US dollar had an insignificant impact on foreign transfers in favour of individuals, contributing 0.04 percentage points to their growth, while the actual increase in transfers (eliminating the exchange rate effect by recalculating the amounts at the exchange rate of the respective period of the previous year) was 10.49%

 

Chart no. 4. Money transfers from abroad made in favour of individuals, in monthly dynamics,June 2017 - exchange rate impact (US$ million.)

 

Chart no. 5. Money transfers from abroad made in favour of individuals, in monthly dynamics, 2016 - exchange rate impact (US$ million.)

 

Chart no. 6. Money transfers from abroad made in favour of individuals, in monthly dynamics, 2015 - exchange rate impact (US$ million.)

 

NOTE:
The National Bank of Moldova notes that money transfers from abroad in favour of individuals via banks do not consist solely of remittances of Moldovan citizens working abroad, but also include unilateral transfers such as:

  1. local transfers, including salary transfers in favour of resident individuals from non-residents’ representatives (representative offices of international financial institutions, international organisations, and representations of foreign economic agents) in the Republic of Moldova (1.0 percent of total transfers);
  2. transfers in favour of non-residents who are temporarily in the Republic of Moldova (0.6 percent of total transfers via MTS);
  3. pensions (social and maintenance) and benefits (0.2 percent of total transfers).

Money transfers from abroad in favour of individuals through Moldovan banks also include transfers of individuals made via postal offices of the State Enterprise "Poşta Moldovei" (settled through banks), both via MTS and money orders.

Note that this indicator does not include:
  a) international transfers to individuals made via SWIFT payment system with an investment purpose (with significant values), which amounted in the June  2017 to USD 1.91 million;
  b) international transfers via SWIFT payment system to non-resident individuals, clients of licensed Moldovan banks;
  c) transfers made via banks located in the Transnistrian region of the Republic of Moldova.

 

Statistical series on money transfers from abroad made in favour of individuals via formal channels, as well as their currency structure, can be found on the official website of the National Bank of Moldova at:

Money transfers in favour of individuals, net basis

Money transfers in favour of individuals, gross basis

Seasonally adjusted statistical series of money transfers from abroad

 

Publication of data is only allowed if a reference to this page is provided.

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