Transfers from Russia have plummeted by almost 70%

In the third quarter of 2023, the perspective of money transfers to the Republic of Moldova from Moldovan emigrants seems to have undergone a significant change. According to recent data published by the National Bank of Moldova, the amounts transferred to the country have seen a notable decrease, with a decline of almost 70% in transfers from Russia.

In total, money transfers to individuals in the Republic of Moldova amounted to 442.47 million US dollars in the third quarter of 2023. This represents a decrease of 13.4% compared to the same period in 2022. Of these amounts, 329.43 million dollars were made through remittance systems, constituting the gross basis of transfers, writes

An analysis of the geographical origin of transfers shows a significant increase in those from the European Union, by 35.0%, representing 55.7% of the total transferred amounts. At the same time, transfers from the Commonwealth of Independent States (CIS) have drastically decreased by 68.6%, representing only 0.3% of the total. Transfers from other countries constituted 34.0% of the total, showing a slight decrease of 0.7% compared to the third quarter of 2022.


In terms of country-specific transfers, Israel occupies the first position with a share of 14.7%, transferring 65.08 million dollars, recording an increase of 0.5% compared to the same period of the previous year. Germany and Italy have registered significant increases, by 32.3% and 16.7%, respectively. In contrast, transfers from Russia have experienced a collapse of 70.4%, totaling 41.98 million dollars. Transfers from the United States recorded a slight decrease of 3.3%.

This significant decrease in transfers from Russia could have important consequences on the financial situation of Moldovan emigrants and their families in the country, indicating notable changes in the economic dynamics of the region.

Currently, an estimated 1 million citizens are living abroad from the Republic of Moldova.

Subscribe to our newsletter

Similar Articles


Most Popular