Private remittances declining for 1.5 years in a row and in October decrease by 11% to USD 0.8 billion

The volume of private remittances in October decreased by 11.0% and amounted to USD 0.8 billion.

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

Wages received by Ukrainians from abroad decreased by 19.5%, while other private remittances received through official channels increased by 3.7%.

In general, 8% fewer remittances were sent through official channels than in October last year, while the flow through informal channels decreased by 14.7% compared to October last year.

In total, for January-October 2024, the volume of remittances decreased by 14.5%: net wages decreased by 26.3%, while private transfers increased by 9.4%.

As 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% to USD 15.026 billion compared to 2020.

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

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