Remittances to Ukraine exceed $5 billion within nine months of 2017

Source : 112 Ukraine

The USA surpasses Russia to become the main country of origin of remittances transferred to Ukraine
15:08, 29 December 2017

Open source

The amount of money transfers from individuals abroad to Ukraine in the first nine months of 2017 reached $5.192 billion, which is 29.6% (or $1.187 billion) greater than the figure for the same period last year. The National Bank of Ukraine has published this information, UNIAN reports.

Most of the remittances ($2.093 billion, or 40.3%) was transferred via banks’ correspondent accounts, while $1.67 billion came through international payment systems and another $1.429 billion arrived via informal channels, the National Bank explained.

The United States for the first time ever became the main source of remittances transferred to Ukraine. In the nine months of 2017, remittances from America increased by 24.6%, $547 million. On the other hand, remittances from Russia dropped by 39.3%, to $460 million.

Related: Russian State Duma adopted law prohibiting remittances to Ukraine through foreign payment systems

The other main origins of remittances transferred to Ukraine within the first three quarters of 2017 were Germany ($252 million), the United Kingdom ($243 million), Cyprus ($219 million), Israel ($201 million), Italy ($165 million), Greece ($138 million), Poland ($117 million) and the United Arab Emirates ($91 million).

Earlier in 2017, the National Bank of Ukraine claimed that a 2.8% increase in remittances in 2017 is expected due to an increase in the quantity of Ukrainian citizens employed in the European Union and the United States of America. In 2016 as a whole a total of $5.425 billion worth of remittances was transferred to Ukraine from abroad, which was 5.3% up on 2015.

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