Romanians working abroad sent home USD 4.9 billion in 2017, according to a report released on Monday by the World Bank.
After three years of consecutive declines, the remittances sent to Europe and Central Asia (ECA) increased by 20.9% last year, with the largest money transfers in the region to Russia (USD 8 billion), Ukraine (USD 7.9 billion) and Romania (USD 4.9 billion), according to a report released on Monday by the World Bank (WB), AFP and Bloomberg report, quoted by domestic media.
The increase in remittances was due to appreciation of the euro and rouble against the USD, to the robust economic growth and employment prospects in the countries where people that send money to Europe and Central Asia work, the report reads.
The countries with the largest money transfers in 2017 were India (USD 69 billion), China (USD 64 billion), Philippines (USD 33 billion), Mexico (USD 31 billion), Nigeria (USD 22 billion) and Egypt (USD 20 billion).
The largest exits were from the US (USD 67 billion) and Saudi Arabia (USD 38 billion).