06 May 2022, Friday, 14:16 169

Volume Of Private Money Transfers To Ukraine Down 25% To USD 929 Million In March

Editor: Daria Zubkova

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In March, the volume of private money transfers to Ukraine decreased by 25.2% to USD 929 million.

This is evidenced by the data of the National Bank of Ukraine (NBU), Ukrainian News Agency reports.

In the first quarter of 2022, USD 1,730 million was transferred to Ukraine through correspondent bank accounts, and USD 982 million through informal channels.

At the same time, in February, the volume of remittances from labor migrants to Ukraine amounted to USD 1,064 million, and for the same period of the previous year – USD 1,324 million.

The volume of wages that Ukrainians receive from abroad decreased by 43.7%, while the volume of other private transfers received through official channels remained almost at the level of last year (decreased by only 2.3%).

Net lending to the external sector (total current account and capital account balances) totaled USD 1.4 billion in March (net borrowing was USD 0.8 billion in March 2021).

As Ukrainian News Agency reported, in 2021 the volume of money transfers to Ukraine increased by 25.4% to USD 15.026 billion compared to 2020 (USD 11.980 billion).

In 2020, remittances grew by 1.7% to a record-breaking USD 12.1 billion.

The National Bank predicted an increase in the volume of remittances from labor migrants by 8% to USD 13 billion in 2021 compared to 2020.