Migrants sending less money; Albania, last in the region for remittances

The Bank of Albania says that there are 1.6 million emigrants who help out about e quarter of  Albanian families, with income from their work or businesses abroad.

Over the past year with the onset of the pandemic, many remittances were declared and formalized due to travel restrictions, which led to an increase in the registered transactions, says the World Bank, but in terms of volume we remain last in the region.

The money sent by emigrants, or remittances, is greater in value than foreign investments or exports of Albanian goods. Some of these pass officially through banks while the rest are not declared and the money is brought illegally in Albania. During the pandemic, there was an increase in money brought by migrants, but this is explained only by their inability to physically come to their families as result of the pandemic, causing them to do it through the banks.

Top Channel