MoneyGram: 70% of remittances come from Italy and Spain

Romanians working abroad in 2010 sent over 4.5bn dollars (3.4bn euros) back home, slightly down, however, from 4.9bn dollars (3.5bn euros) in the previous year, according to the calculations presented by MoneyGram, one of the main players in money transfer business globally, on the basis of World Bank data.

"The decline in sums sent to Romania slowed down in 2010. Remittances from the United Kingdom, Spain and Italy have started picking up," says Radu Pojoga, a manager with MoneyGram in charge with the development of Romanian and Bulgarian operations. 2009 had marked a steep drop in funds, to almost half the 9.3bn dollar peak hit in 2008.

According to Money data, the main channels through which money is flowing in Romania are from Italy (with 36% of sums), Spain (34%) and UK (14%).

MoneyGram data are similar with those calculated by the NBR, which last year registered foreign currency inflows from current transfers (excluding public administration operations, where EU funds are also reflected) of 3.8bn euros.