The growth in the level of transfers through official channels is observed for the first time this year. Transfers in euros increased by 12.4% and in US dollars by 5.6%. Experts see the possible reason for the growth of official transfers as their cheapening.
Moldova is now included in the geographical scope of SEPA (Single Euro Payments Area) payment schemes, which means that it is possible to make transfers in euros between banks in Moldova and banks in SEPA member countries under the same conditions as within the country.
Seven commercial banks from Moldova are included in the register of SEPA payment system participants (Maib, Victoriabank, OTP Bank, Moldindconbank, FinComBank, ProCredit Bank and Eximbank). By October 6, they have to implement all the necessary technical changes for full-fledged transfers within SEPA.
Despite a year-on-year increase in June, the volume of transfers in the first half of 2025 is nevertheless lower than it was in the same period last year. In January-June 2025, $772 million was transferred to individuals from abroad compared to $798 million in January-June 2024, or 3.2% less.
“Transfers in Euros account for 81% of the total volume. But if we look at the structure not depending on the currency of transfer but on the currency of receipt, 78.6% of total transfers were received in Euros, while 10.2% were received in US dollars and 11.2% in MDLs. From this, it can be concluded that of the total remittances, only 11.2% is for current consumption. And about 90% is used for accumulation, including for the purpose of subsequent investments – for the purchase of real estate, etc.,” says economist Volodymyr Golovatyuk.
Together with a full-fledged opportunity to make cheap transfers from abroad through official payment systems, it will become clearer whether the June trend of remittances growth will be continued in the future.
