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NBU reports 9.2% 2010 rise in remittance by Ukrainians abroad
Journal Staff Report

KIEV, April 29 - Remittances to Ukraine by Ukrainians working abroad in 2010 rose by 9.2%, to $5.862 billion after a 13.1% fall in 2009, according to the National Bank of Ukraine.

"In 2010, remittances to Ukraine by Ukrainians working abroad were estimated at $5.9 billion (4.3% of GDP)… Remittances are expanding (by 9.2% in 2010 compared to 2009), but they are still lower than before the economic crisis," reads the report.

The NBU said that private remittances came to $5.37 billion or 4.6% of GDP in 2009.

"The major part of the remittances to Ukraine came through correspondent accounts at banks ($3 billion or 51% of the total sum). Another $2.1 billion or 36.3% of remittances was sent using international payment systems. $777 million was sent to Ukraine illegally," reads the report.




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