In the first quarter of 2017, the total amount of money transfers from abroad made in favour of individuals of the Republic of Moldova amounted to USD 251.77 million. It should be mentioned that a share of 85.3 percent of money transfers were carried out via money transfers systems (only in USD, EUR and RUB) without opening bank accounts, and the rest - via bank transfers (in various currencies).

In the first quarter of 2017, the amount of transfers recalculated in USD increased by 12.7 percent compared to the first quarter of 2016 (USD 223.49 million). The fluctuations in the exchange rate of original currencies against the U.S. dollar (Chart no.1) contributed by 2.0 percentage points to the decrease of transfers in the first quarter of 2017. However, the effective increase of transfers was 14.7 percent, being eliminated the exchange rate effect through the recalculation of sums at the exchange rate for the respective period of last year. This occurred as a result of the impact of decrease in transfers in RUB by 26.6 % and that of the increase in transfers in EUR and USD by 21.4 percent and 16.3 percent, respectively. Thus, in the first quarter of 2017, the currency structure of transfers (recalculated in USD) was the following: USD - 121.73 million, EUR - 107.17 million, RUB - 20.11 million and other currencies 2.76 million.

^{SOURCE: International banking operations statistics of the NBM}

In terms of the geographical origin of money transfers from abroad in favour of individuals, the CIS and the EU are to be mentioned as the main sources (Chart no.2). Money transfers from CIS held the share of 33.1 percent, increasing by 0.7 percentage points compared to the first quarter of 2016. Money transfers from EU held the share of 33.3 percent, decreasing by 0.4 percentage points compared to the first quarter of 2016. The transfers from other countries, except for CIS and EU, accounted for 33.6 percent in the first quarter of 2017 and 34.0 percent in the first quarter of 2016, respectively. In the first quarter of 2017 and 2016, the share of transfers from Israel, USA and Turkey was 85.2 and 82.0 percent of total transfers from other countries, respectively.

^{SOURCE: International banking operations statistics of the NBM}

Money transfers from the Russian Federation held the largest share of 96.1 percent of total transfers from CIS. Transfers from other CIS countries had the following shares: Ukraine - 1.4 percent, Kazakhstan - 1.0 percent, Belarus - 0.4 percent, Azerbaijan - 0.3 percent, Uzbekistan - 0.3 percent and other CIS countries - 0.4 percent.

Within the transfers from EU, transfers from Italy held the largest share of 38.8 percent, followed by the transfers from Great Britain (13.1 percent), Germany (12.4 percent), France (7.5 percent). Spain (3.4 percent), Ireland (3.3 percent), Portugal (2.6 percent), Romania (2.5 percent), Cyprus (2.1 percent), Belgium (2.1 percent), Czechia (2.1 percent), Poland (2.2 percent) and Greece (1.2 percent).

^{SOURCE: International banking operations statistics of the NBM}

The distribution by countries of money transfers from abroad in favour of individuals (Chart no.3) showed that the Russian Federation continued to be the main partner of the Republic of Moldova (Chart no.4) and held the share of 31.8 percent (USD 80.13 million) of total transfers (increasing by 0.7 percentage points as compared to the first quarter of last year). It should be mentioned that the share of 98.4 percent of total transfers from the Russian Federation was carried out via money transfers systems and the rest of share 1.6 percent are bank transfers via SWIFT. At the same time, the transfers from Israel - 18.6 percent (USD 46.88), from Italy - 12.9 percent (USD 32.51 million), USA - 8.6 percent (USD 21.70 million), Great Britain - 4.4 percent (USD 10.97 million), Germany - 4.1 percent (USD 10.40 million), France - 2.5 percent (USD 6.26 million), Turkey - 1.4 percent (USD 3.54 million), Spain - 1.1 percent (USD 2.81 million), Romania - 0.8 percent (USD 2.06 million), Cyprus - 0.7 percent (USD 1.74 million), and Kazakhstan - 0.3 percent (USD 0.87 million). The transfers form these twelve countries (including Russia) amounted to 87.3 percent of total transfers in the Republic of Moldova (USD 219.88 million).

^{SOURCE: International banking operations statistics of the NBM}

In the first quarter of 2017, as compared to the same period of last year, the annual currency structure of transfers via MTS showed a decrease in the share of RUB and an increase in the shares of USD and EUR (Chart no.5).

^{SOURCE: International banking operations statistics of the NBM}

The quarterly share of transfers in RUB via MTS recorded a constant downward trend, from 29.0 percent in the second quarter of 2015 to 9.3 percent in the first quarter of 2017. The share in USD recorded an upward trend during the same period. Thus, the quarterly share of transfers in RUB (recalculated in USD) decreased by 5.7 percentage points, to 9.3 percent, while the quarterly share of transfers in USD and EUR (recalculated in USD) increased by 1.6 percentage points, up to 50.4 percent and increased, respectively, by 4.1 percentage points, up to 40.3 percent.

^{SOURCE: International banking operations statistics of the NBM}

In the first quarter of 2017, within the currency structure of money transfers from the Russian Federation (Chart no.6) via MTS, on quarterly average (recalculated in USD), the transfers in USD were predominant (38.1 percent), followed by the transfers in RUB with a share of 33.9 percent and transfers in EUR - 28.0 percent. In the first quarter of 2014-2017, it is noted a downward trend of transfers in RUB from 56.7 percent to 33.7 percent of total per currency and an increase of transfers in USD from 23.6 percent to 38.1 percent, respectively.

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 (3.07 percent of total transfers);
2. transfers in favour of non-residents who are temporarily in the Republic of Moldova (0.6 percent of total transfers via MTS);
3. pensions (social and maintenance) and benefits (0.3 percent of total transfers).

Money transfers from abroad in favour of individuals through Moldovan banks also include transfers of individuals made via postal officesof 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 first quarter of 2017 to USD 3.26 million;
b) international transfers via SWIFT payment system to non-resident individuals, clients of licensed Moldovan banks;
c) transfers made via banks located in the Transnistrian region of the Republic of Moldova.

Time series on money transfers from abroad made in favour of individuals via banks of the Republic of Moldova in the period of 1999-2016 can be found on the official website of the NBM:

Statistics.