09:21 08.02.2019

NBU predicts growth in money transfers to Ukraine in 2019 to $12.2 bln – NBU council head

2 min read
NBU predicts growth in money transfers to Ukraine in 2019 to $12.2 bln – NBU council head

The National Bank of Ukraine (NBU) predicts the further increase in the volume of money transfers to the country from labor migrants: if in 2018, they sum was estimated at $11.6 billion, in in 2019 it is expected that it will be $12.2 billion, Head of the NBU Council Bohdan Danylyshyn wrote on his Facebook page on Thursday.

"Remittances are an increasingly important source of foreign exchange income in Ukraine. According to the World Bank, since 2016, their volume has steadily exceeded 10% of GDP," he said.

According to preliminary data of the NBU, made public at the end of January in the balance of payments, last year net money transfer to Ukraine as salaries totaled $11.33 billion, which is 24.3% more than in 2017.

Danylyshyn said that for the fourth year in a row, remittances from Poland have been growing from $1.4 billion to $3.6 billion, while from Russia they decreased in recent years from $1.7 billion to $1.1 billion.

"Money transfers received from the United States increased from $0.5 billion to $0.8 billion and the Czech Republic from $0.3 billion to $0.8 billion. Remittances from Italy, the United Kingdom, Germany, Cyprus, Israel and other countries are growing," the head of the NBU Council said.

In his opinion, the state faces the task of creating the conditions for efficiently attracting these funds to the economic turnover through consumption and investment.

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