The NBU analyzes amounts transferred by Ukrainian migrant workers home / REUTERS
Most of money transfers arrived from the United States, Italy, Israel, Russia, and Germany.
The National Bank of Ukraine (NBU) has estimated how much money has been sent by Ukrainian migrant workers home since the beginning of the year.
From January to June 2020, private remittances via official and non-official channels to Ukraine totaled US$5.365 billion in the equivalent; and those from Ukraine stood at US$246 million in the equivalent, according to the NBU's rough estimates disclosed by the NBU's press service on Facebook on August 5.
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Some US$1.187 billion in the equivalent, or more than a fifth of all transfers, was wired to Ukraine via money remittance systems alone (not including transfers via bank accounts, credit cards, or remittances handled by postal offices). This is 8% more than in the first half of 2019. The average amount of one transfer to Ukraine also slightly increased (by 5.4%), from US$355 to US$374.
Some US$212 million in the equivalent was wired outside Ukraine via money remittance systems. It was 26.2% up year-over-year. This popular method accounted for over four-fifths of all private transfers from Ukraine. The average amount of one transfer from Ukraine also increased (by 29.1%), from US$358 in the first half of 2019, to US$462.
Origin of money
The channels of remittances have remained almost unchanged, the NBU said.
Most of money transfers arrived from the United States, Italy, Israel, Russia, and Germany.
Most of remittances from Ukraine were wired to Russia, Georgia, Azerbaijan, Turkey, Poland.
The volume of transfers within Ukraine through money remittance systems also increased – to UAH 117.938 billion or US$4.551 billion in the equivalent. It was a third more (by 31.3%) than in the first half of last year.
Popular money remittance systems
More than 78% of transfers within Ukraine were handled by the top three domestic systems: