Ukraine sees drop in remittances from citizens working abroad

Almost US$6.5 billion were transferred by Ukrainians working abroad back to their homeland this year, which is 5.5% down year-over-year (y-o-y).

How money is transferred to Ukraine

"Most of the funds were transferred through correspondent accounts and informal channels. In total, US$12 billion were received from labor migrants to Ukraine last year," TSN.ua reported.

Read alsoCentral Bank estimates Ukrainian migrant workers' remittances home since year's startIt should be noted remittances to Ukraine decreased by 8.5% in early summer.

Remittances: background

In total, over 2019, Ukrainians transferred US$12 billion.

Most of the money came from Poland, or US$3.686 billion, as well as US$1.234 billion from Russia, US$1.113 billion from the Czech Republic, US$984 million from the U.S., and US$601,000 from the UK.

The volume of money transfers is expected to be significantly lower this year amid COVID-19-related lockdowns and border crossing restrictions imposed worldwide.