The United States, Cyprus, Latvia and Kazakhstan are among the countries whose citizens send the bulk of money transfers to Russia. A Western Union office in Nizhny Novgorod is seen in the photo.
Photo: Nikolay Cyiganov
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US, Kazakhstan, Cyprus, Latvia Lead in Money Transfers to Russia
The balance of money transfers from and to Russia grew 86 percent by the start of 2006 to $11.2 billion, the Russian Central Bank said in a report on transnational money operations of individuals for 2006.
An influx of labor migrants who work in Russia and send their money to their families back home is, however, not the only reason for a growth in money transfers from Russia which reached $18.8 billion. The share of foreign citizens remitting money from the country dropped 5 percent to $8.7 billion. 15 percent of the total money operations of individuals, or $1.5 billion, came in payment for goods and services.
Most of money transfers from Russia go to China, Ukraine, Uzbekistan, Tajikistan and Armenia where incomes of most families are largely dependent on salaries of their relatives working in Russia.
The United States, Cyprus, Latvia and Kazakhstan are among the countries whose citizens send the bulk of money transfers to Russia. Kazakhs alone sent $400 million to Russia in 2006, which indicates a halt in labor migration to Russia and higher incomes under current macroeconomic growth in this Central Asian country.
www.kommersant.com
All the Article in Russian as of July 10, 2007
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