Bank of Albania has announced that foreign direct investments increased during the first quarter of this year by 54% compared to the same period of last year. Foreign direct investments reached the value of EUR 258 ml in three months, according to the Bank’s report.
The report also shows that remittances have also increased due to the return of many Albanians in their homeland to invest. Remittances increased by 24% during the first quarter of 2015 if compared to the same period of 2014, reaching the value of EUR 146 ml.
The level of remittances started to increase last year after being registered in low levels since the economic crisis that touched the Eurozone countries, mostly Greece and Italia where millions of Albanian emigrants live. Experts say that the increase of remittances has caused a positive effect in lowering the deficit of the current accounts which in the first quarter of this year reach the value of EUR 230 ml.
News source/photo credits: ATA