Immigrants brought home almost 1 billion euros/ Remittances break historical record. Growth in 2024 is estimated at 12.6%
Emigrant remittances have set a new absolute record last year, of almost 1 billion euros, according to the latest figures from the "Bank of Albania". The figure is even higher than 2023, 2022 and 2008, when the previous record was recorded. The significant increase in remittances in our country has started with the pandemic, but has been even more pronounced with the price crisis affected by the conflicts. In total, emigrants have sent at least 117 million euros more than the previous year. This is about 12.6% more remittances from emigrants during 2024.
The figures also show that the last quarter of last year also broke a historical record, with around 272 million euros in remittances. This figure is the highest since 2008, if we analyze the data on a quarterly basis. In the 4th quarter of last year, remittances were 8.2% higher than the same quarter of the previous year.
From these figures, it is clear that immigrants have had enough of an impact to help Albanian families, even sending even more money than during the pandemic, when many households were severely affected by healthcare costs as a result of Covid-19.
However, Albanian families would gain much more from remittances if the European currency were to rise to higher levels than it has in the last two years. Although the euro is not the country's base currency, its depreciation against the lek has undoubtedly impacted the Albanian economy, as well as families that rely on remittances or those that have savings in euros. But, on the other hand, all these inflows into the Albanian economy have their weight in the depreciation of the euro.
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