Remittances on the rise, but with a weak euro/ Emigrant remittances reach "peaks" for the first quarter of the current year
Remittances from Albanian emigrants have set another historic record in the first quarter of 2025, reaching 250.68 million euros, according to data from the Bank of Albania. This is the highest figure ever for a first quarter since 2008, surpassing the record level of the previous year.
In a comparative view, the first quarter of 2025 marked an increase of 3.6%, compared to the same period a year earlier. However, what is noticeable from the data is the fact that the growth has slowed down, from 13.2% that grew in the first quarter of 2024 and 16% in 2023.
The year 2024 was also exceptional in this regard, with total emigrant remittances reaching nearly 1 billion euros, the highest level since the start of modern measurements, and more than any other year, including 2008, the year that until recently was held as a reference for the largest remittance flows.
But, beyond the nominal value, this increase in remittances comes in a special context, the depreciation of the euro. With the exchange rate having touched historic lows against the lek, the real value of remittances in local currency is relatively lower for beneficiaries in Albania. So, even though more euros are entering the economy, their purchasing power has been significantly affected by the depreciation.
This development creates a paradox, more remittances in euros, but less real impact for Albanian families, especially those who rely on these remittances for daily consumption.
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