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Diaspora annually sends 1 billion euros to Albania PDF Print E-mail
Tuesday, 13 May 2008

The annual remittances that Albanian emigrants sent home are estimated at 1 billion euros.  

Besides the transfer of remittances - the cash that the country's emigrants sent home via banking system - it is believed that far larger amounts are transferred unofficially
Albania's central bank experts estimate that vast numbers of emigrants use unofficial means to transfer cash, usually bringing it home themselves.

The latest study, carried out by the central bank's expert Endrita Xhaferi, shows that in 2007 Albanian emigrants sent 947 million euros via banking systems, a 12 million euro increase comparing with 2006. The inflow is much higher given the foreign currencies brought home unofficially.

The vast majority of foreign currency inflow had been invested in construction of apartment buildings, small businesses and youth education. In the past 15 year, as many as 6.6 billion euros have been sent to Albania.

Emigrants' money is viewed as one of basic "infusions" for Albanian families and also for the society in general.





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