The National Bank of Ukraine reported a decline in the volume of remittances received from abroad to Ukraine in the period from January to March 2024. According to official data, the total volume of transfers decreased by 8.7% and amounted to $2.63 billion.
Ukrainians who have gone abroad transfer less and less money to Ukraine. The National Bank reported a decrease in the total volume of remittances from abroad to Ukraine in January-March 2024 by 8.7% to $2.63 billion.
Despite the fact that earlier remittances to Ukraine from labor migrants were one of the main channels of currency inflow into the country.
This trend has been visible since the beginning of the great war - the amounts transferred by the population from abroad are decreasing, and now it is even more firmly established.
What can be seen if we compare the volumes in the 1st quarter. for different periods:
- I quarter 2021 – $3.37 billion;
- I quarter 2022 – $3.28 billion;
- I quarter 2023 – $2.88 billion;
- I quarter 2024 – $2.63 billion.
Experts assume that the main reason is the departure of the families of workers to join them abroad after the beginning of the full-scale invasion of the Russian Federation. Roughly speaking, many migrant workers simply have no one to transfer money to.
"I think that there is a growing gap with the homeland (after the families of workers leave to join them abroad). People simply do not want to transfer money to any of their relatives. Also, I think, there is a decrease in the level of assistance to Ukrainians from the authorities of various European countries," financial analyst Andrii Shevchyshyn commented on the situation to "Strane".
If we look at the data for 12 months, the dynamics of foreign remittances to Ukraine is also rapidly decreasing:
– 2021 – $14.02 billion;
– 2022 – $12.50 billion;
- 2023 - $11.37 billion.
Experts do not expect an increase in the flow of money into the country, on the contrary, they allow further deterioration of this indicator.
"According to the results of 2024, transfers may decrease to $9.8-10.5 billion (from $11.4 billion in 2023). The second quarter will probably be the most indicative of the trend," Shevchyshyn told "Strane".
At the same time, as we already wrote (https://t.me/stranaua/141565), after the start of the full-scale invasion, in connection with the mass departure of refugees abroad, another process was activated - the withdrawal of funds by citizens abroad. If earlier the outflow was only due to tourists, now millions of Ukrainians, who continue to receive salaries and pensions on their Ukrainian cards, spend them abroad. According to the NBU, the outflow in this way amounts to 35 million dollars every day.
