Remittances wired through the banking system topped in 10 months the whole volume of 2005

The foreign currency transferred through the banking system, as a result of the remittances wired by the citizens of Moldova who work abroad, exceeded the volume registered in 2005 and amounted to USD 685 mln, the data provided by the National Bank show. The official remittances totalled USD 683 in 2005. In October 2006, the volume of currency transfers totalled USD 81.31 mln, and the market observers say that similar figures will be registered in November and December. In this period many Moldovans who work illegally or legally abroad come home for the winter holydays and transfer their earnings through the banking system in order to avoid troubles during their travel. Moreover, the citizens who do not manage to come home are usually transferring more money in order to ensure to their families the necessary amount of money for the winter holydays. The structure of remittances is the following: in January – USD 43.44 mln; February – USD 46.75 mln; March – USD 59.50 mln; April – USD 63.13 mln; May – USD 67.88 mln; June – USD 73.66 mln; July – USD 80.55 mln; August – USD 86.13 mln; September – USD 82.71 mln; October – USD 81.32 mln. Independent estimations show that the volume of remittances wired through the banking system could amount to USD 800-900 mln by the end of 2006 and the total remittances could reach USD 1.2-1.3 bln.

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