Albanian immigrants sending more money back home; remittances increased

Albanian immigrants sending more money back home; remittances increased

 The income the Albanian immigrants brought to their relatives in the 9 months of this year amounted to 501 million euros, according to the latest statistics of the Bank of Albania.

Compared to the same period of the previous year, an increase of 7.9% has been recorded.

In the third quarter of the year, which coincides with the seasonal period when migrants return to their holiday homes, they brought about 170 million euros in Albania, down 2.3% compared to the same period of a year earlier.

Other data from the Bank of Albania reported that a significant increase in foreign currency deposits was observed during the same period, while some of the savings were deposited in banks in Albania. In the two-month period of August to September, the euro-denominated currency savings stock grew by LEK 17 billion or EUR 134 million.

Remittances have been an important source of currency inflows since the 1990s, financing mainly the consumption of poor households, after 2008 they entered in a declining cycle, reflecting the weakening of ties with families in Albania, which normally begins after a 10-15 year period (emigrants create their own families and send less money to relatives in Albania). The crisis of the neighboring states, especially in Greece, was another factor that affected this tendency.

After reaching their lowest level in 2013, immigrant flows have been revived in recent years, reflecting the return of the immigration cycle. In 2015, a record of asylum claims in the EU was recorded, with over 66,000 Albanians, to be halved later in the years to come. In total, from 2013 to 2017 there were over 140,000 asylum applications in EU countries, according to data released by Eurostat.

A large part of them managed to get the asylum status, by gradually starting work and sending money home. It is estimated that they need a 2-year period to get integrated and start a job and then begin helping their relatives.
Albanian immigrants sending more money back home; remittances increased Albanian immigrants sending more money back home; remittances increased Tuesday, December 11, 2018 Rating: 5
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