19:24, 27 May 2009 Page views 380 views

“The Big Three” of CIS Countries Lost 50% Money Transfers from Russia

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According to Central Bank of the Russian Federation, there was USD1.76 billion transferred via all money transfer systems including Russian Post to “The Big Three”of CIS Countries (Uzbekistan, Tajikistan and Ukraine) in Q4, 2008, what is 30% less than in Q3, 2009. By the initially estimated results of Q1, 2009, the volume of money transfers more reduced by about 25%.

Since the beginning of 2009, the volume of labor migrants’ money transfers from Russia to Central Asia countries decreased by 30%. According to National Bank of Moldova, the volume of individuals’ money transfers to the country from abroad reduced by 29.2% to USD227 million in Q1, 2009.

By estimate of UNIStream, labor migrants provide 80% of demand for money transfers in Russia. Russian experts assert that the volume of money transfers decreases because of average transferred sum is reducing, but the frequency of transfers remains the same.


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