Remittances from abroad to individuals in Moldova have accelerated sharply after several years of sluggish growth. From January through July 2026, banks received $1.15 billion—$227.1 million, or 24.5%, more than a year earlier. In just seven months, nearly 70% of the total amount received in all of 2025 was received, and the country is now about $593 million short of the all-time record set in 2022, when $1.746 billion flowed into the country.
This upward trend has continued in recent months. In July, $185.39 million was received—the highest amount since the beginning of the year, 2.3% more than in June ($181.3 million), and 20.9% more than in July 2025 ($153.37 million).
The current trend differs sharply from previous years. After a record $1.746 billion in 2022, the volume of remittances declined for two consecutive years: in 2023—by $117.99 million, or 6.7%, to $1.628 billion; and in 2024—by another $16.13 million, or approximately 1%, to $1.612 billion. In 2025, growth resumed but amounted to only $50.71 million, or 3.1%, reaching $1.662 billion. Against this backdrop, an increase of $227.1 million, or 24.5%, in just the first seven months of 2026 no longer appears to be a continuation of last year's recovery, but rather a sharp acceleration.
To surpass the 2022 record, slightly more than $593 million must be received between August and December 2026. For comparison: during the same five-month period in 2025, $736.92 million was received. Thus, to set a new high in the remaining five months, inflows need only be approximately $143.7 million—or 19.5 percent—lower than a year earlier. Therefore, a new record is possible even with a noticeable slowdown in the current pace of growth.
There is, however, an important feature of the statistics themselves. The NBM expresses all inflows in U.S. dollars at the official exchange rate on the date of the transfer, whereas the majority of transfers are denominated in euros.
In July, the share of the euro reached 83.4%, compared to 81.7% a year earlier. The share of the dollar fell from 18.3% to 16.6%, while that of the Russian ruble remained at zero. Therefore, the final figure in dollars depends not only on the volume of money received but also on the euro's exchange rate against the U.S. dollar.
However, the current growth cannot be explained by currency factors alone. In July 2026, the euro was weaker against the dollar than a year earlier, meaning that the exchange rate difference actually reduced the dollar equivalent of the inflows. Despite this, the volume of remittances rose from $153.37 million in July 2025 to $185.39 million in July 2026—an increase of $32.02 million, or 20.9%.
More importantly, the $1.15 billion figure cannot automatically be considered money sent by Moldovan migrant workers to their families.
The NBM notes that this figure includes various types of cross-border inflows. In addition to remittances from citizens abroad, these include salaries paid to residents by representative offices of international organizations, foreign companies, and other non-residents, as well as social pensions, benefits, alimony, and certain other payments. Transactions processed through banks on the left bank of the Dniester are not included in this figure.
However, the migration factor cannot be ruled out either. The growth in remittances is occurring against the backdrop of a continuing population decline and net emigration. In 2024, 123,400 people emigrated from Moldova, while 105,800 immigrated, resulting in a net migration loss of 17,600 people. As of January 1, 2026, the population with a permanent place of residence had decreased by another 22,900 people, to 2.366 million. However, these figures are based solely on officially recorded statistics: the actual scale of long-term residence and employment of citizens abroad may be higher, since not all population movements are fully reflected in administrative and statistical data.
Statistics do not establish a direct link between these indicators: a person may leave the country without sending money to Moldova, while some remittances, conversely, come from people who have been living abroad for a long time. However, the mechanism itself is clear: the more citizens earn income outside the country, the broader the potential base for cross-border remittances. Therefore, the ongoing population outflow may be one of the factors driving the growth in remittances, although it is impossible to determine its contribution to the current 24.5% based on NBM data.
Thus, the increase in the total amount from approximately $925.4 million in January–July 2025 to $1.1525 billion during the same period in 2026 does not allow us to conclude that Moldovan migrants have begun sending home a quarter more. The statistics show a broader inflow of money from abroad to individuals, but do not indicate which specific components accounted for the additional $227.1 million.
For the economy, the distinction is crucial. If it was specifically the earnings of Moldovan citizens abroad and their remittances to families that increased, the additional inflow would support household income, consumption, savings, and the supply of foreign currency. If other types of payments or changes in money transfer channels played a significant role, the economic implications of this growth would be different.
In any case, the additional $227.1 million over seven months has already significantly increased the volume of external inflows into the economy. But a potential record in and of itself says little about the quality of this growth. The key question remains: what exactly drove the increase in remittances—higher incomes for citizens abroad, an expansion in the number of recipients of foreign income, or other types of cross-border payments? // 03.09.2026 – InfoMarket.