In 11 months of 2022, Moldovans sent home the equivalent of 1,592 billion dollars. Data from the National Bank of Moldova show that the amount is 8% higher compared to the same period of the previous year, notes BANI.MD.
In November, Moldovans working abroad sent home 153.16 million dollars, the amount remaining unchanged compared to October.
Most of the transfers were made in euros – 81% and 19.1% in dollars.
The previous record was set in 2008, when the volume of remittances was $1.4 billion. Forecasts show that in 2022 Moldovan transfers will register a new record of – 1.7 billion dollars.
FOR THE MOST IMPORTANTÂ NEWS, FOLLOW US ONÂ FACEBOOK!
The role of remittances all over the world, not only in Moldova, is to finance consumption. The fact that these remittances did not directly contribute to the growth of investments and did not directly transform into investments is an absolutely normal situation, because the main factors that determined emigration and, respectively, the growth of remittances were of a social-economic nature. In other words, due to poverty, those who left did not manage to cover this consumption from domestic sources. Accordingly, logically, the remittances come to compensate for this lack of income at the local level.
According to the International Organization for Migration, over 237 thousand families from the Republic of Moldova receive money from relatives working abroad. Almost half of these depend entirely on remittances.
Currently, approximately 1 million citizens are living abroad in the Republic of Moldova.