Moldovans get more money from abroad
Money transfers from abroad to individuals in the Republic of Moldova rose by nearly 24% in the first nine months of 2026 compared to the same period last year. According to the National Bank of Moldova (NBM), total remittances exceeded $1.53 billion, marking an increase of approximately $293 million over 2025.
Although the figures show a significant increase, economist Marin Gospodarenco argues that this does not entirely reflect additional income earned by Moldovans living abroad. Part of the difference stems from lower bank transfer costs and exchange-rate fluctuations.
Data from the National Bank of Moldova (NBM) show that gross transfers increased in each of the first nine months of the year compared to the corresponding period in 2025. July recorded the highest amount, with over $189 million entering the country, followed by September and June, each with over $183 million. During the same period last year, total transfers were about $1.2 billion.
Growth was evident from the start of the year. In the first four months, transfers rose 26%, and by the end of the first half of the year, they reached $967 million, up from $772 million in the same period in 2025. According to economist Marin Gospodarenco, this recovery trend began in August of last year, following a decline that had persisted since April 2023.
Lower bank transfer costs have changed how money enters the country
One of the primary factors explaining the rise in officially recorded amounts is the Republic of Moldova’s integration into the Single Euro Payments Area (SEPA), effective October 6, 2025. This has significantly reduced the costs of euro-denominated transfers and made using banks a more attractive option for sending money home. According to National Bank of Moldova (NBM) data cited by the economist, the average commission for a euro transfer has dropped from over 20 euros to 1.26 euros. Given this, some Moldovans who previously brought cash home—or sent it via relatives and acquaintances—have begun using formal banking channels.
"The diaspora is sending more money home, but the +24% figure says as much about the channels through which the money flows as it does about the migrants' earnings," explained economist Marin Gospodarenco to Teleradio-Moldova.
Consequently, part of the growth reflected in official statistics may stem from transfers that already existed previously but were not recorded through the same mechanisms.
Euro-dollar exchange rate influences transfer values
Another significant factor is exchange-rate movements. The National Bank reports transfers in US dollars, even though the euro is the primary currency used to disburse funds through remittance systems. In September 2026, the euro accounted for 79.7% of the total, while the US dollar represented 10.8% and the Moldovan leu 9.5%.
The euro's appreciation against the dollar means the same amount, when denominated in euros, is worth more once converted into dollars.
"A significant portion of this 'growth' is, therefore, a conversion effect rather than an increase in purchasing power," the economist said.
Moldovans increasingly work in countries with higher wages
Beyond statistical and currency-related shifts, remittances have increased, which can be explained by changes in where Moldovans working abroad are employed.
Remittances from countries within the Commonwealth of Independent States (CIS) have fallen significantly, notes Gospodarenco. While they amounted to approximately 64 million euros in the first quarter of 2023, they subsequently dropped to around three million euros. Conversely, Israel, Italy, Germany, and the United States now rank among the primary sources of these funds.
This shift reflects a move by migrants toward economies with higher wages, enabling them to send larger sums of money to their families back home.
Seasonal factors also contribute to the increase in remittances.
"The peaks in June, July, and September are linked to the seasonal labor cycle, holidays spent back home, and the start of the school year; meanwhile, rising costs in the autumn trigger a classic 'insurance' response—migrants send more money when the cost of living back home increases. For households, the impact is direct: funds from the diaspora cover food, utility bills, education, and home renovations—and in many villages, these remittances serve as the primary source of income," the expert explains.
However, there are also less favorable consequences for the economy. According to Marin Gospodarenco, when a family receives a steady stream of income from abroad, its members may become less inclined to accept low-paying jobs within the Republic of Moldova.
"The flip side is that a reliable income from abroad raises the 'reservation wage'—the minimum wage at which an individual is willing to work. Consequently, low-paying jobs at home become less attractive, further deepening the labor shortage," Gospodarenco added.
In the economist's view, while the rise in remittances is a positive development for recipient families, authorities should pay closer attention to how these funds could be leveraged to foster economic development.
Proposed solutions include encouraging savings through the banking sector, facilitating the diaspora's access to government securities, and developing programs that support launching local businesses with capital earned abroad. "The challenge for public policy is not to attract more money from the diaspora, but to shift it from consumption toward investments—such as bank savings, government bonds accessible to the diaspora, and initiatives like the PARE program, which link remittances to local businesses," argues Marin Gospodarenco.
Over the past five years, money transfers from abroad to individuals in the Republic of Moldova have remained at a level of approximately 1.6 billion dollars annually. After totaling about 1.61 billion dollars in 2021, these transfers reached a record high of nearly 1.75 billion in 2022. Subsequently, the amounts began to decline, reaching 1.63 billion in 2023 and approximately 1.61 billion in 2024. This trend reversed in 2025, when net transfers rose once again to about 1.66 billion dollars.
These statistics reflect only the funds entering the country through banks and official transfer systems. In reality, the financial contribution of Moldovans living abroad could be higher, as some continue to bring in cash personally or send money via relatives and acquaintances. Certain unofficial estimates suggest that if these amounts were also included, the annual volume could exceed two billion dollars.
