Slovak unemployment inched further down to 3.88% in March
1 day ago
Remittances to Ukraine from overseas workers increased by a third (34.2%) y/y in the first quarter of 2018 to a record high of $2.6bn, or 10.2% of GDP, the National Bank of Ukraine (NBU) reported on July 2.
The result was the highest since records were begun in 2008. The previous record was 9.1% of GDP in the first quarter of 2017, the NBU said.
Half of the remittances ($1.3bn) arrived via informal channels, while $578mn were sent using international transfer systems and $761mn via the banking system, the NBU said.
The countries from which the most money came included Poland, Russia and the US, the NBU said. In the first quarter of 2018, remittances from Poland surged 44.9% y/y to $865mn, while money transfers from Russia declined 8.3% y/y to $300mn. Remittances from the US increased 29.7% to $192mn.
“The improved methodology for estimating remittances to Ukraine prompted the National Bank to revise upward the current account balance for 2015-17. A strong continuing inflow of remittances is providing significant support for Ukraine’s balance of payments amid a trade deficit and weak currency inflow under the financial account. It also reduces devaluation pressure on the national currency,” Evgeniya Akhtyrko of Concorde Capital said in a note.
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