National Bank of Moldova : Graphical analysis of money transfers from abroad in favour of individuals, September 2020

10/24/2020 | 03:30pm

In September 2020, 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$ 148.47 million (increasing by 48.1% as against September 2019).

Chart no. 1
Structure of net transfers of funds from abroad in favour of individuals by geographic areas September 2020 (%)

According to geographical provenance, the transfers in favour of individual are coming from the following three areas: the EU-27 (47.3 percent), CIS (14.8 percent) and the rest of the world (37.9 percent).

The transfers from the EU to individuals amounted to USD 70.22 million in September 2020, increasing by 51.0 percent compared to September 2019. This indicator is affected by Brexit, as the result of the United Kington's exit from the EU, the volume of EU transfers was lower by USD 12.41 million in September 2020. Thus, there is registered an increase of 77.0 percent compared with the volume of transfers from the EU in September 2019 and excluding those from the United Kingdom. At the same time, the Brexit led to increase the share of transfers from other states by 6.3 percentage points.

As regards the distribution by countries of money transfers from abroad in favour of individuals, it should be mentioned the transfers from Israel with a share of 17.5 percent (USD 25.95 million) of total transfers increasing by 41.0 percent as compared to September 2019, from Italy with a share of 13.8 percent (USD 20.53 million), from Russian Federation with a share of 13.5 percent (USD 20.12 million) of the total transfers decreasing by 3.9 percent as compared to September 2019, from Germany with a share of 10.6 percent (USD 15.67 million), from the United Kingdom and Nord Ireland with a share of 8.4 percent (USD 12.41 million), USA - 7.4 percent (USD 11.01 million), France - 6.8 percent (USD 10.11 million), Republic of Ireland - 2.8 percent (USD 4.13 million), Romania - 1.9 percent (USD 2.75 million), Czech Republic - 1.8 percent (USD 2.66 million), Spain - 1.5 percent (USD 2.16 million), Portugal - 1.3 percent (USD 1.92 million), Poland - 1.1 percent (USD 1.60 million), Turkey - 1.0 percent (USD 1.42 million), Other countries - 10.6 percent (USD 16.03 million).

Chart no. 2
Currency structure of money transfers from abroad via money transfers systems in favour of individuals (%) September 2020

In the currency structure of transfers from abroad via money transfers systems in favour of individuals, transfers made in EUR - 63.0% (up by 7.4 p.p compared to September 2019), followed by transfers in USD dollars - 35.0% (down by 5.2 p.p) and those in RUB - 2.0% (down by 2.2 p.p).

During January - September 2020, the volume of total banking transfers from abroad in favour of individuals of the Republic of Moldova was USD 1070,02 million, by 18.5 percent more than the same period last year ( USD 902.97 million).

Chart no. 3
Money transfers from abroad made in favour of individuals, in monthly dynamics, 2018 - September 2020 (US$ million.)

In September 2020, compared with the same period of the previous year, the currencies exchange rate fluctuations against the U.S. dollar contributed with 9.3 percentage points to the increase in transfers from abroad in favour of individuals,while the actual increase in transfers was 38.8 percent (eliminating the exchange rate effect by recalculating the amounts at the exchange rate for the respective period of the previous year).

Chart no. 4
The evolution of USD/EUR and USD/RUB exchange rate impact on transfers in September 2020 years (US$ mil.)

Chart no. 5
The evolution of USD/EUR and USD/RUB exchange rate impact on transfers in 2019 years (US$ mil.)

Chart no. 6
The evolution of USD/EUR and USD/RUB exchange rate impact on transfers in 2018 years (US$ mil.)

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 (0.9 percent of total transfers);
  2. transfers in favour of non-residents who are temporarily in the Republic of Moldova (0.2 percent of total transfers via MTS);
  3. pensions (social and maintenance) and benefits (0.6 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 September 2020 to USD 2.59 million;
b) international transfers via SWIFT payment system to non-resident individuals, clients of licensed Moldovan banks;
c) transfers made via so-called banks in the Transnistrian region of the Republic of Moldova.

Statistical series on money transfers from abroad made in favour of individuals via banks and SE 'Poşta Moldovei', as well as their currency structure, can be found on the official website of the National Bank of Moldova at:

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

Disclaimer

The National Bank of Moldova published this content on 23 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2020 19:29:05 UTC

© Publicnow 2020
Copier lien
Latest news about "Economy & Forex"
1m ago
5m ago
5m ago
6m ago
8m ago