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Labor migrants send record amount of remittances to Ukraine in 2020

Source : 112 Ukraine

12.1 billion dollars were sent to Ukraine as private money transfers
08:45, 2 February 2021

South China Morning Post

In 2020, the volume of remittances of labor migrants to Ukraine amounted to 12.121 billion dollars, which is 200 million dollars more than in 2019. This is stated in the report of the National Bank of Ukraine (NBU).

Thus, last year Ukraine received:

4.7 billion dollars through correspondent accounts of banks (in 2019 - 3.8 billion); 2.69 billion dollars through international payment systems (2.2 billion in 2019); 4.7 billion dollars through informal channels (5.8 billion in 2019).

Related: Big Mac Index: Ukrainian Hryvnia currently undervalued by 61.1%

The NBU clarified that private money transfers were household income coming from other households from abroad and they are associated with temporary or permanent migration.

As we reported earlier, the Ukrainian government intends to make corrections in the cooperation agenda with the IMF.

"We still depend on good news from the IMF in 2021 in order to continue cooperation with the EU and the World Bank, to borrow money on the capital market - under acceptable call rates. But we wish to change the format of cooperation," the statement said. 

Related: Ukraine’s PM predicts decrease in gas prices this spring

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