In past year’s fourth quarter, for instance, the amount of transboundary transactions of individuals with far abroad states exceeded $8 billion, while the transactions with CIS amounted to roughly $2.4 billion.
Photo: Vadim Nekrasov
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The Unbounded Transfers
Individual Russians tend to transfer more money to/from foreign states. According to the CBR, the unremunerated remittance accounts for around 50 percent of transactions, while the share of product/service/wage payments is relatively insignificant.
Although the CIS money orders are traditionally viewed leading in transfers, statistics show quite the opposite. Moreover, the amount transferred from Russia materially exceeds incoming transfers not thanks to the money orders forwarded to former republics of the former Soviet Union. In past year’s fourth quarter, for instance, the amount of transboundary transactions of individuals with far abroad states exceeded $8 billion, while the transactions with CIS amounted to roughly $2.4 billion.
The Russians get most of money from Cyprus ($241 million in Q4’06). The average amount of a single transaction from that offshore island is also the maximum, roughly $15,000. Cyprus is followed by the United States and Britain in terms of the overall money orders to Russia. When it comes to a single transaction, however, Switzerland holds the second score with the average amount of around $11,000 (of interest is that the Swiss transfers to non-residents average $36,000). Switzerland is also the second in money transfers from Russia. The basic amount ($376 million of $409 million overall) was transferred exactly in Q4’06, and the average amount stood at $33,000.
The Chinese don’t transfer much here, but they lead in amount of money orders from Russia - $990 million in Q4’06, including $803 million transferred by non-residents.
MONEY TRANSFER FROM/TO RUSSIA ($ mln) SOURCE: CBR TRANSFER TO RUSSIA TRANSFER FROM RUSSIA Q1’05 Q2’05 Q3’05 Q4’05 Q1’06 Q2’06 Q3’06 Q4’06
www.kommersant.com
All the Article in Russian as of Mar. 15, 2007
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