The events around expected dismissal of Gontaryova have obscured rather interesting statistics of the National Bank on remittance to Ukraine. I want to correct this experts’ mistake, since the role of remittance becomes very important for economy development and people’s welfare. So, these are pure facts.
Last year, private money transfers to Ukraine made $5.425 billion, which is 5.8% of GDP and historical maximum for our economy.
The following tendencies prove how important private transfers are to overcome the crisis:
1. Through official and unofficial channels, a total of $46 billion of private money transfers were made over 2010—2016, which is 52% more that the total of direct investments over the same period ($33.2 billion).
2. The amount of remittance is significantly higher than the means Ukraine manages to attract from the IMF. For example, since 2015 the total amount of private money transfer has made $10.6 billion, while the EFF program has provided $8.5 billion.
Special mention should be made of money transfer from Russia, which before 2016 used to be the main source of remittance compared to other countries. Thus, over the 2010—2016 period, a total of $12.812 billion of private money transfers were made from Russia to Ukraine, including about $1 billion only last year (similar to the amount of a IMF tranche). Through 2015, the share of remittance in GDP kept growing, reaching its maximum of 1.5% of GDP in 2014.
No doubt these are significant sums of money for Ukraine. It is unclear though why the National Bank “bites the hand” that feeds the economy. Why has it banned Russian payment systems? Why has it complicated money transfer process for ordinary people?
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Оппозиционный политик, глава Национального банка Украины (2010—2012 гг.)
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