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Remittances are becoming an increasingly significant source of foreign currency inflows.
The National Bank of Ukraine (NBU) forecasts an increase in remittances to Ukraine from labor migrants by 5% in 2019, to $12.2 billion from $11.6 billion in 2018.
Remittances are becoming an increasingly significant source of foreign currency inflows to Ukraine, head of the Board of the National Bank of Ukraine, Bohdan Danylyshyn, wrote on Facebook.
"According to the World Bank, starting from 2016, their volume steadily exceeds 10% of GDP. They usually have a significant positive macroeconomic impact on exchange rate stability," he said.
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Danylyshyn also cited data on the dynamics of income from migrants by country: "For the fourth year in a row, remittances from Poland have been growing from $1.4 to $3.6 billion. There has been a significant reduction from Russia in recent years, that is, from $1.7 to $1.1 billion. Income from the United States increased from $0.5 billion to $0.8 billion, while those from the Czech Republic increased from $0.3 billion to $0.8 billion," he said.
He also noted the continued growth of remittances from Italy, the United Kingdom, Germany, Cyprus, and Israel.