Remittances Increased During Q2, 2019

Remittances Increased During Q2, 2019

TIRANA, 11 September

The contribution of emigration in the Albanian economy is increasing even during this year. According to Bank of Albania, during the Q2 of 2019, the remittances reached a value of €186 million, an increase of €4 million compared to a year ago. In the second half of this year, the value of remittances in Albania was €336 million, 5 million Euro more than the same period of 2018.

The increase in remittances seems that it is related to the new wave of emigration, which started after the removal of visas with the European Union countries. If the Albanian emigrants of the beginning of the 1990s have built their lives abroad, lowering gradually the connections with their country of origin, the new emigrants have built new bridges which, among others, have brought an increase of flux of remittances.

A survey by the Bank of Albania, in collaboration with the World Bank, has shown that remittances are a source of income for 26% of Albanian families. They contribute to education, health, investments, but especially in lowering poverty. Remittances from abroad make up 90% of income for the receiving families, which shows that one-quarter of families in Albania depend exclusively on them.

The contribution of remittances in the economy is even bigger than it is believed. If we include the income from the seasonal work or outsourcing jobs of Albanian citizens for foreign companies, last year the economy received remittances with the record figure of €1.25 billion. This data shows that remittances make up the biggest incoming flux in the Albanian economy, leaving behind even the foreign direct investments.

Source/Scan.tv

Read also: World Bank: Remittances in Albania Were 9.6% of GDP

Remittances Generated €1.25 Billion Income for the Economy

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