Volume of cash transfers to Ukraine from migrant workers may reach $12 bln, - Ukraine’s Ministry of economic development

As the Deputy Minister reports, the volume of cash transfers reached 11 billion dollars last year
13:26, 28 October 2019


Ministry of economic development, trade and agriculture of Ukraine expects the volume of remittances from migrant workers to Ukraine may reach 12 billion dollars this year. Serhiy Nikolaychuk, Deputy Minister of economic development, trade and agriculture, said that in his interview with RBC-Ukraine.

“Of course, this is an important part of our balance of payments. We are talking about the flow of currency income into the country - over 11 billion dollars last year. And this year about the number may reach 12 billion dollars,” Nikolaychuk said.

Also, he admitted that migrants’ cash transfers are not only a significant source of currency income to Ukraine, they also impact the currency exchange rate.

"These cash flows have increased rapidly over the past five years. We do not expect such a rapid increase in cash transfers from migrants in the future," the Deputy Minister said.

Related: Labor migration issue: How many people leave Ukraine

As reported earlier, the Minister of economic development, trade and agriculture Tymofiy Milovanov said that Ukraine’s economy may grow by 3.7% in 2020 and the inflation rate can decrease to 5.5% by the end of 2019. He also stated that it is necessary to increase budget revenues from state-owned enterprises. According to him, during the year, state-owned assets on average accumulate only 2%, and business revenues - five to seven times more.

Related: IMF expects growth of Ukraine's GDP growth by three percent in 2020




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