OREANDA-NEWS. February 12, 2009. In 2008, the volume of remittances to Moldova from individuals from abroad through commercial banks has increased by 35,6% - up to US1 billion 651,41 million.

As it was informed in NBM, in January-December 2008, more than US 1 billion 320,71 million (about 80%) were sent through fast money transfer systems. In comparison with 2007, the volume of such remittances in 2008 has increased by 43,6% (by US 401 million).

The largest amount of remittances were sent to Moldova in the III quarter - US 503.9 million as compared to US 320.67 million in I quarter, US 435.18 million in II quarter and US 391,66 million in IV quarter, respectively.

In particular, the largest amount of remittances was registered in July - US 180.79 million and August - US 166.33 million. The least amount was sent in January - US 89.72 million. The volume of remittances from Moldovan labor migrants has steadily increased till July 2008, but since August, due to the global financial crisis, the volume of remittances from Moldovan guest workers began to gradually decline.

Thus, the volume of remittances in August made US 166.33 million, in September - US 156.78 million, in October - US 139.13 million, in November - US 111.03 million, and only in December the amount exceeded the previous months, reaching US 141.5 million.

Due to positive dynamics of remittances in the first half of 2008, the growth of remittances by 35,6% as compared to 2007 was registered. As it was informed before, in 2007, the amount of remittances to Moldova from individuals from abroad through commercial banks reached US 1 billion 218.23 million, having increased by 42,3% as compared to 2006.

The largest amounts were sent from Russia and Italy. According to the World Bank, the remittances of Moldovan guest workers make up about one-third of the country's GDP.