Remittances increased by 4.3%

Remittances increased by 4.3%

 Tirana, December 11, 2015

According to a latest report published by Bank of Albania, remittances have increased during 2015. In the period of January – September 2015, remittances reached the amount of EUR 439 million, increasing by 4.3% in annual terms.

Remittances decreased significantly after the economic crisis touched several European Union countries in 2008, especially Greece and Italy where the majority of Albanian emigrants live and work. The decrease of remittances continued until 2013, and since then the amount of money that entered to Albanian as remittances has increased continually.

Experts explain the increase of remittances also by the fact that many Albanian emigrants have returned to Albania, by investing their savings in the country in the past two years.

However, the difference between the amount of money which enter in Albania is high compared to the amount of money that is extracted out of the country.

News source/photo credits: ATA, Flickr

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