How and where “workers” transfer money to Ukraine

Migrant workers again began to inject more funds to Ukraine — this is evidenced by statistics of the national Bank. As estimated by its experts, in 2016, the country received more than $5.4 billion, which is 5.3% more than in 2015. This amount is comparable to 20% of budget revenues last year and is 7% of GDP. Experts “Today” expect an increase in the number of emigrants for work abroad, especially when you start to act a visa-free regime and will be easier to find work in the EU, and hence the increase in the number of “national” foreign exchange earnings.

WHERE IS THE MONEY. As you can see from the infographic, the biggest flow of currency still comes from Russia, although over the years it declined significantly by 15.9% or nearly $200 million, the NBU is explained by the NSDC decision of September 16, 2016 prohibiting the use of the Russian payment systems. And after and the Russian Federation from March, banned money transfers to Ukraine through foreign payment systems, our experts expect a further sharp reduction in the flow of currency (at least officially) from Russia.

In second place for translation — US $600 million, which is 17% higher than a year ago. The highest increase in percent — Italy (+19.4% in the year), and in General, European countries now account for 66% of the volume of official remittances. At the same time, migrant workers now send much less than in the record year 2013 when Ukraine received currency equivalent of $8.5 billion by the Way, gastarbayterami 7% of GDP, Ukraine ranks 29th in the world. Leaders Nepal is 32.2%, Tajikistan — 28.8% and Kyrgyzstan — 25,5%.

According to the President Ukranalittsentra Alexander Ohrimenko, most of the “zarobitchanskie” money exchangers enters the interbank market and redeemed by the national Bank or the importers, which contributes to the strengthening of the hryvnia. “This amount is 4-5 times more than foreign investment,” — said Okhrimenko.

AS LISTED. As can be seen from the statistics of the national Bank, more than 80% of the funds received through formal channels — banks and payment systems. And only 19% are carrying “in the pocket” to save on the Commission. Ukrainians working in Russia, after mutual prohibition of the payment systems have found several ways to transfer money to Ukraine. For example, organize a closed group whose members take turns carrying money every 1-2 months.

“Up to $10 thousand can be transported officially, the main thing that wasn’t robbed by bandits”, — told us a resident of Selidovo Anastasia Belova, working in the field of catering. Those who work “in white”, make out and transmit to the relatives of the second payroll card (not registered), which can be used abroad, including in Ukraine. Okhrimenko also noted that the workers in Russia were more likely to use Bank transfers to Ukraine via subsidiaries of Russian banks.

By the way, the expert believes are understated by about half the data of the national Bank for illegal transfers. First of all, according to him, this concerns Poland, not even ranked in the top list of NBU, but where about one million Ukrainians. According to him, in the year of Poland illegally imported $1.5 billion.

I agree with Okhrimenko and HR expert HR portal Tatyana Pashkina: “Across the border daily are hundreds of buses with the “tourists” that actually go to work for 1-2 months. They carry earned during this time 500-800 euros in the wallets, these amounts do not take into account statistics”.

TRENDS. Economist Ivan Nikitchenko notes the growing popularity of banks for transfers, but not international payment systems. “Banks came in first place money in the account seem more reliable, and the Commission there are lower — analyzes Nikitchenko. — The share of remittances from Russia will fall, and the EU — to grow. After the reorientation of foreign trade of Ukraine there is a change in the share of revenues from abroad from migrant workers. The causes of the worst economic situation in Russia last year, the situation with the Donbas. Most of our migrant workers in Russia were from Eastern Ukraine due to the fighting many of them moved to Russia for permanent residence”.

Pashkina notes that after the Ukrainians have simplified the entry to Poland, there leaves for work, more and more people. “At times fell to the flow of migrant workers in Russia primarily due to the devaluation of the ruble, — says Pashkina. Now there go the drillers, welders, aircraft manufacturers, as they paid $2-3 thousand a month.”

And Okhrimenko adds: “the Russian direction is becoming unpopular even in the border areas of the Russian Federation”.