OREANDA-NEWS. February 09, 2012. Remittances from abroad made in favor of individuals via banks grew by 16,9% (USD 209,65 mln.), to USD 1 bln. 453,79 mln. in Moldova. About USD 1 bln. 276,61 mln., that is 87,8% of the total volume of money transferred in 2011, against \\$1 bln. 072,24 mln. in 2010, were transferred via quick money transfer services, the National Bank of Moldova informs.

Money transfers in Moldova made up USD 275,85 mln. in Q1, USD 367,38 mln. in Q2, USD 421,01 mln. in Q3 and USD 389,55 mln. in Q4. In December, 2011, remittances were USD 136,29 mln., USD 18,3 mln., or 15,5% up against USD 117,99 mln transferred in 2010.

The biggest monthly transfers were recorded in September and amounted to USD 143,38 mln, with the least ones being registered in January and accounting for USD 71,51 mln. In 2011, in the structure of currency transfers, about 42,7% fell to USD, 42,2% to EUR and 16,1% to RUB. In 2010 remittances from abroad made in favor of individuals via commercial banks accounted for USD 1 bln. 244,14 mln., USD 62,12 mln or 5,3% up as compared with 2009.

In 2010, in the structure of currency transfers to Moldova, 51,6% fell to transactions with USD, 38,7% to EUR and 9,7% to RUB. Remittances from abroad made in favor of individuals (residents and non0residents) are sums of money transferred in the country via National banking system, including international systems of money transfers. These sums are converted from the original currency into USD according to the official rate established by the National Bank on the date money are transferred on.

The origin and the destination of these sums may be different. They include both: remittances from Moldovan labor migrants and other money transfers. The biggest receipts in Moldova come from Ruissia and Italy. According to the World Bank, remittances from Moldova’s labor migrants amount to 20% to 30% of GDP of Moldova. The all-time peak of the volume of money transfers to Moldova made in favor of individuals via commercial banks was recorded in 2008 when the sum reached USD 1 bln. 660,09 mln. within the year.