Total transboundary remittances of individuals to Ukraine in 2012 grew by 7.2%, and its ratio to GDP remained unchanged, reads a posting on the Web site of the National Bank of Ukraine (NBU).
"In 2012, total transboundary remittances of individuals to Ukraine grew by 7.2%, to $7.5 billion. As for GDP, their share remained at the level of the two previous years – 4.3%," reads the report.
The central bank noted that currency transboundary remittance to individuals in the statistics of the balance of payment are international remittances and flows of resources to households (in monetary form and in kind), coming from other countries and are mainly linked to the temporary or permanent migration of the public.
The report also says that over the past three years the attractiveness of international payment systems for transboundary remittances continued growing: in 2011 their share expanded to 40% and in 2012 – to 43%.
Funds arriving in the country using informal channels (via the transfer of cash or physical capital from one household to another), remained at some $1 billion, or 13.8% of total transboundary remittances to Ukraine, the NBU said.
The distribution of remittances among countries is characterized by its concentration: over 70% of remittances were sent from seven countries. The leader in remittances to Ukraine was Russia: they grew by 18.2%, to $2.3 billion. The share of the CIS states of total transboundary remittances to Ukraine was 40.1%.
The NBU said that 9.3% of the sum of transboundary remittances arrived to Ukraine from the United States and 6.2% from Germany. Some $2.3 billion arrived from the EU (34.9% of total remittances), which is 4.7% down on 2011.
