{"id":267653,"date":"2013-10-08T15:21:53","date_gmt":"2013-10-08T15:21:53","guid":{"rendered":"http:\/\/new.moldova.org\/2013\/10\/08\/only-4-of-moldovans-keep-their-savings-in-banks-239394-eng\/"},"modified":"2013-10-08T15:21:53","modified_gmt":"2013-10-08T15:21:53","slug":"only-4-of-moldovans-keep-their-savings-in-banks-239394-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/only-4-of-moldovans-keep-their-savings-in-banks-239394-eng\/","title":{"rendered":"Only 4% of Moldovans keep their savings in banks"},"content":{"rendered":"Reading Time: <\/span> < 1<\/span> minute<\/span><\/span>

The European Bank for Reconstruction and Development (EBRD) reported that the Moldovan economy relies significantly on remittances which were estimated at $1,494 million in 2012. EBRD said that the money sent from abroad represent about 20% of the country’s GDP.<\/p>\n

The financial organization said that the number is ten times higher than the amount of foreign direct investments in 2012 which are contributing to the boost of the GDP. EBRD explained that the money from abroad are sent via transfer systems. However, most of receivers do not have bank accounts.<\/p>\n

“Remittances are sent via money transfer systems and collected at local bank branches by family members who often do not have a bank account themselves,” EBRD said in a press release.<\/p>\n

The Global Findex Database of 2012 of the World Bank stated that only 18% of Moldovans over the age of 15 have an account within a bank. The same report revealed that only 4% of people keep their money in a financial institution.<\/p>\n

Tackling this issue, the EBRD seeks to improve the financial education through a project designed to increase confidence among people to use the banking system. According to the institution, in 2012 more than 20,000 people in Moldova have received training in how to better manage their finances.<\/p>\n

As a result of the campaign, more than 3,000 of beneficiaries opened accounts, which have attracted total deposits of more than $7.5 million in nine months.<\/p>\n

“The financial education will have positive results in terms of safety and efficiency, and will also bring social benefits, both in the near future and in the long term,” National Bank Governor Dorin Dragutanu said. “All of Moldovan society will benefit, as channeling remittances through banks in order to promote lending to legal entities will boost economic growth.”  <\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> < 1<\/span> minute<\/span><\/span>The European Bank for Reconstruction and Development (EBRD) reported that the Moldovan economy relies significantly on remittances which were estimated at $1,494 million in 2012. EBRD said that the money sent from abroad represent about 20% of the country\u2019s GDP.<\/p>\n","protected":false},"author":3,"featured_media":267652,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-267653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> < 1<\/span> minute<\/span><\/span>

The European Bank for Reconstruction and Development (EBRD) reported that the Moldovan economy relies significantly on remittances which were estimated at $1,494 million in 2012. EBRD said that the money sent from abroad represent about 20% of the country’s GDP.<\/p>\n

The financial organization said that the number is ten times higher than the amount of foreign direct investments in 2012 which are contributing to the boost of the GDP. EBRD explained that the money from abroad are sent via transfer systems. However, most of receivers do not have bank accounts.<\/p>\n

“Remittances are sent via money transfer systems and collected at local bank branches by family members who often do not have a bank account themselves,” EBRD said in a press release.<\/p>\n

The Global Findex Database of 2012 of the World Bank stated that only 18% of Moldovans over the age of 15 have an account within a bank. The same report revealed that only 4% of people keep their money in a financial institution.<\/p>\n

Tackling this issue, the EBRD seeks to improve the financial education through a project designed to increase confidence among people to use the banking system. According to the institution, in 2012 more than 20,000 people in Moldova have received training in how to better manage their finances.<\/p>\n

As a result of the campaign, more than 3,000 of beneficiaries opened accounts, which have attracted total deposits of more than $7.5 million in nine months.<\/p>\n

“The financial education will have positive results in terms of safety and efficiency, and will also bring social benefits, both in the near future and in the long term,” National Bank Governor Dorin Dragutanu said. “All of Moldovan society will benefit, as channeling remittances through banks in order to promote lending to legal entities will boost economic growth.”  <\/p>\n

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