Private remittances volume in January down 5.2% to USD 0.9 billion

The volume of private remittances in January 2024 decreased by 5.2% and amounted to USD 0.9 billion.

This follows from a statement by the NBU, the Ukrainian News Agency reports.

The wages that Ukrainians receive from abroad decreased by 0.9%; at the same time, other private transfers that came through official channels increased by 6.3%.

In total, formal channels sent 3.0% more remittances than in January 2023, while the flow through informal channels decreased by 13.1% compared to January 2023.

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

In 2021, the volume of money transfers to Ukraine increased by 25.4% to USD 15.026 billion compared to 2020.

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