Migrant Remittances to Bulgaria Reach BGN 12.2B in 10 Years
Remittances - money sent by Bulgarian migrants to family members back home – have reached BGN 12.2B in the past 10 years.
For the period 2004-2013, the remittances sent back home by Bulgarian emigrants amount to EUR 6.239B, according to Standart news report based on Bulgarian National Bank data. For comparison, the highest foreign direct investment in the country for the same period came from the Netherlands and totaled EUR 7.683B.
Austria is the third top investor in Bulgaria with EUR 5.435B, followed by Greece with EUR 2.7B, the UK – EUR 2.058B, Cyprus – EUR 2.001B, Germany – EUR 1.898B, Russia – EUR 1.818B.
Since the beginning of 2014, emigrants have been the main source of foreign capital, Standart news informs. According to the preliminary data, Bulgarians abroad have sent their relatives in Bulgaria a total of EUR 209.2M in Q1 2014. For comparison, the foreign direct investment for the same period amounted to EUR 88.9M.
The official statistics, however, do not take into account the real economic contribution of the 2 million Bulgarians living abroad, as only bank transfers for over EUR 2,500 have been recorded. In other words, the statistics do not cover remittances under EUR 2,500 or net cash.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
- » Brussels will Support Bulgaria if it Decides to Complete Nuclear Power Plant “Belene”
- » Bulgaria: The Price of Sunflower Oil is Expected to Decrease
- » Frans Timmermans: We will Ensure that the Transition in the Coal Regions is Done Fairly
- » Bulgarian Prime Minister: We Will Close the Coal Power Plants in 2038 at the Earliest
- » Bulgaria Adopted Today its Recovery and Sustainability Plan
- » Protests of Miners and Workers in the Energy Sector Blocked the Center of Sofia