Bank of Albania: Remittances increased by 8.6% during 2014

The report issued by Bank of Albania confirms that remittances grew in 2014 by 8.6 percent (EUR 592 million), compared to 2013.
Remittances grew for several factors but mainly due to the Euro Zone countries’ economic growth. The majority of Albanian emigrants live in Greece and Italy, countries whose economies are reviving after a hard period since 2007.

Economy experts say the level of remittances is increasing and stabilizing due to the market’s formalization. In 2013 the number of remittances decreased by 20 percent in annual terms, the lowest levels recorded since 2000.

Remittances have been an important source of revenues for the Albanian families and have played a crucial role in the country’s economic development since 1990. They also helped the country during the 2007 market crash.

News source/photo credits: ATA