The NBU reported a decrease in money transfers to Ukraine

The NBU reported a decrease in money transfers to Ukraine

The National Bank of Ukraine reported a 15% reduction in the volume of private money transfers to Ukraine over the first 11 months of 2024.

In January-November, only $8.8 billion was received, which is significantly lower than the $10.3 billion recorded during the same period in 2023.

The main reason for the decrease was the reduction in net wages of Ukrainians working abroad, which fell by 27.5%, from $6.86 billion to $4.97 billion. The National Bank specified the sources of these funds:

• official channels (through bank correspondent accounts and international payment systems) — $4.97 billion (56.8% of the total volume);

• unofficial channels — $3.79 billion (43.2%).

Compared to 2022, when transfers amounted to $11.4 billion, the decrease was 23.4%. If considering data before the war, the decline is even more marked — in 2021, transfers amounted to $14 billion.

One of the key reasons for the decline in transfer volumes was the mass departure of Ukrainian labor migrants with their families abroad at the beginning of the full-scale invasion. Many workers who previously sent money home took their families with them, resulting in less frequent transfers.