Volume of private remittances down 16.5% to USD 0.9 billion in March

The volume of private remittances in March decreased by 16.5% and amounted to USD 0.9 billion.

This follows from the National Bank of Ukraine (NBU) data, the Ukrainian News Agency reports.

Wages received by Ukrainians from abroad decreased by 22.3%, while other private remittances received through official channels decreased by 12.0%.

In total, formal channels sent 16.9% less remittances than in March last year, while the flow through informal channels decreased by 16.0% compared to March last year.

In total, in the first three months of 2024, the volume of remittances decreased by 8.7%: net wages decreased by 20.3%, while private transfers increased by 19.2%.

As the Ukrainian News agency earlier reported, the volume of private remittances in 2023 decreased by 7.8% compared to 2022 and amounted to USD 11.6 billion.

In 2021, the volume of remittances to Ukraine increased by 25.4% year over year to USD 15.026 billion.

In 2020, the volume of remittances increased by 1.7% to a record-breaking USD 12.1 billion.