NBU recorded a sharp decline in money transfers: which indicators decreased.

Reduction of money transfers from abroad: alarming statistics for 2024

The National Bank of Ukraine has published a report indicating alarming statistics regarding money transfers from abroad in 2024. A significant decrease has been noted both in the volume of transfers and in the earnings received by Ukrainians working abroad.

According to official data from the NBU, in November 2024, the volume of money transfers to Ukraine amounted to 0.8 billion dollars, demonstrating a decline of 19.5% compared to the same period last year. Informal transfer channels also showed a decrease of 16.0%. The largest volumes of official transfers come from the United States of America and the United Kingdom.

Notably, there has been a significant decrease in the salaries that Ukrainians receive from abroad, with this indicator dropping by 22.2%. Other types of private transfers through official channels have also decreased by 17.1%. The total volume of money transfers in the first eleven months of 2024 has contracted by 15.0%.

It should be noted that the decline in money transfers has been observed for more than one year. In 2023, the volumes of private money transfers amounted to 11.6 billion dollars, which is 7.8% less compared to 2022.

Dynamics of changes in money transfers

In 2021, there was an increase in money transfers by 25.4% to 15.026 billion dollars, while 2020 set a record with an indicator of 12.1 billion dollars and an increase of 1.7%.

Note that when crossing the border of Ukraine, it is allowed to carry without written declaration an amount not exceeding the equivalent of 10 thousand euros, both when entering and exiting the country.

Previously, we talked about the payment systems that Ukrainians use to transfer money from abroad.