IOM is launching a mass information campaign in Moldova and the
main destination countries for Moldovan migrants, Italy and Russia,
targeting Moldovan emigrants, their families and other recipients
of remittances in a bid to increase the efficiency of remittance
flows.

The campaign will provide Moldovan migrants and their families
with information on socio-economic reintegration opportunities,
including vocational training, professional and small business
options and on investing remittances. Leaflets, brochures, radio
and TV spots have been developed to encourage and motivate
Moldovans to use formal money transfer channels, to open bank
accounts, to deposit their money, as well as to use other financial
products and services. This material will be distributed in key
locations for migrants in Italy and Russia, such as bus stations,
airports, consulates, etc.

According to World Bank data, Moldova has the second highest
ratio of remittances compared to Gross Domestic Product (GDP), more
than 38 per cent in 2007. Remittances sent home by individuals
working abroad have increased by 40.5 per cent a year during the
past four years. According to the National Bank of Moldova, they
rose threefold, from 317 million US dollars in 2003 to 1.2 billion
US dollars in 2007. Recent data from the National Bank of Moldova
revealed that in the first eight months of 2008, Moldovan migrants
had already remitted USD 1.1 billion, or 52.8 per cent more
than during the same period in 2007.

More than 35 per cent of the Moldovan population lives in
remittances-receiving households, according to an IOM nationwide
survey on remittances in 2008. The majority of the money is used
for basic household consumption, consumer durables, buying a home,
and debt repayment. Less than 7 per cent of remittances is
used to finance business investment, and as little as 7 per cent is
saved in bank accounts. 

As a significant number of Moldovan migrants use informal money
transfer channels to send remittances, the information campaign
also aims to increase their knowledge on utilizing formal transfer
channels which find the right balance between safety and
affordability.

For further information, please contact:

Sophie Baumgartner

IOM Moldova

Tel: + 373 22 23 29 40

E-mail: "mailto:sbaumgartner@iom.int">sbaumgartner@iom.int