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The age of remittances, ending. Ionita: Income must be secured within the country

2016.01.12 Economie Victor Ursu Print version

Money transfers of Moldovans working abroad, even if they remain at a fairly high level, no longer play an important role in the fact that exports exceed the money introduced in the country for the third consecutive year. In 2017, the volume of remittances will be $ 1.27 billion, and foreign currency sales - $ 2 billion, below the level of export earnings. This is the opinion expressed by the economist IDIS Viitorul, Veaceslav Ionita in the 15 minutes of economic realism show.

The money from the remittances has been exhausted, the only possibility to develop the Republic of Moldova is the domestic resources by attracting investments, creating jobs and ensuring income within the country. Money abroad will grow on average by 5-10% annually.

Veaceslav Ionita also notes an increase in the salary in the economy, which fell after the 2014 crisis to $ 1.5 billion from $ 1.8 billion. We anticipate that in 2018-2019 the salary paid in the economy will exceed the number of remittances.

According to the economist, securing the revenues to the state budget was based, until recently, on the transfers of Moldovans working abroad. "In 18 years, the remittances of Moldovans through official channels (banks and transfer systems) amounted to USD 18 billion, but the sum amounts to USD 27 billion, considering the volume of currency sold on the foreign exchange market in cash. The $ 9 million discrepancy shows that this money was brought home cash by Moldovans who came home. "

Also in the 18 years, the Republic of Moldova exported goods and products in the amount of USD 27 billion. In other words, net income from money from abroad is equal to total income from exports. For comparison, the revenues of the citizens from the exports are USD 4 billion, and remittances USD 27 billion. During this period, the paid salary fund was $ 20 billion, 7 billion less than remittances.

"We note that the impact of foreign money is higher than all the salary paid on the economy. The welfare of the citizen was determined by the money sent from abroad. But salary has not played an important role since 2004. For example, foreign currency sales were $ 760 million, and the salary was only $ 550 million, "Ionita said.

In 2007-2008, Moldova was the first country in the world with the most money coming from abroad to GDP. In 2008, the volume of transfers reached the highest level - USD 2.4 billion with a share of GDP of 39.5%.

In conclusion, the economist IDIS Viitorul said that remittances continue to play an important role until 2014, when their volume has begun to decline, and the USD 2.4 billion level will be reached very hard in the coming years.

The show is made by IDIS "Viitorul" in partnership with Radio Free Europe.

For further details, please contact the press officer, Victor URSU, at the following address: or at 069017396.

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