The National Bank of Ukraine (NBU) predicts the further increase of the volume of the money transfer from the labor migrants. The Ukrainians transferred $11,6 billion from abroad in 2018 and this sum can increase up to $12,2 billion in 2019 as Head of NBU Council Bohdan Danylyshyn reported on Facebook.
“Money transfer is a more significant source of the foreign-exchange earnings to Ukraine. According to the World Bank, its volume stably surpasses 10% of the GDP since 2016,” he noted.
According to the NBU, the volume of the money transfer from Poland increases for the fourth year in the row, from $1,4 up to $3,6 billion. The significant decrease of the incomes from Russia took place in recent years, from $1,7 billion up to $1,1. Besides, the incomes from the U.S. has increased, from $0,5 up to $0,8 billion as well as from the Czech Republic, from $0,3 up to $0,8 billion. The growth of the money transfer from Italy, the UK, Germany, Cyprus, Israel and other states takes place.
Despite the increase of the foreign-exchange earnings to Ukraine, the banker warns:
“The strong external migration, including of high-quality workers, along with the ageing population is the significant challenge for the states, considering the need to sustain a competitive economy. For example, “brain drain”, particularly, means the loss of the state resources invested in their education; narrowing of the industry, deterioration of the business environment.”
Earlier we reported that the Ukrainian population may reduce by 18% by 2050 and reach number mark of 36 million people due to the labor migration.
Besides, Israeli Ambassador to Ukraine Joel Lion stated that 10% of the Ukrainian tourists, who come to Israel, are the illegal migrants.