Volume of private remittances falls by 15.9% to USD 0.8 billion in August

The volume of private remittances in August decreased by 15.9% and amounted to USD 0.8 billion.

This follows from a statement by the National Bank of Ukraine (NBU), the Ukrainian News agency reports.

Wages received by Ukrainians from abroad decreased by 21.4%, while other private remittances received through official channels decreased by 1.6%.

In general, transfers through official channels were 11.7% less than in August last year, while the flow through informal channels decreased by 20.8% compared to August last year.

In total, from January to August 2024, the volume of remittances decreased by 14.3%: net wages decreased by 27.2%, while private transfers increased by 13.1%.

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 USD 12.1 billion.