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10.07.2009
Remittances from Germany through the CONTACT system grow even in crisis
According to the World Bank's Russia is in the top 10 countries, whose residents travel to Germany for work. Remittances are one of the main threads connecting migrant workers with families and friends in home country.
The International Money Transfers and Payments CONTACT System Transfers operates remittances from Germany over 7 years. Service points of system are located in the 14 biggest cities of Germany.
"Analyzing the money transfers from Germany we see that the amount remitted by our compatriots funds have steadily increased", said Dr. Nikolay Gousman, President-Chairman of the Board of RUSSLAVBANK (CJSC). "… After a slight hesitation in Fall 2008, this trend only intensified. Currently, the share of CONTACT system in the total amount of transfers from Germany to Russia exceeds 12% and continues growing".
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