Money Sent by Bulgarian Emigrants Slumps Q1 Y/Y

From January to March 2010, Bulgarian emigrants have wired EUR 231 M to relatives in the country, which is nearly 11% less compared to the same period of 2009. File Photo

Money sent by Bulgarian emigrants to relatives in the country has gone down significantly during the first quarter of 2010, data from the Bulgarian Central Bank, BNB, shows.

From January to March 2010, emigrants have wired EUR 231 M, which is nearly 11% less compared to the same period of 2009.

The reduction is, however, attributed mostly to those employed abroad temporarily – the money they sent is 36% less (EUR 56M), while those holding steady jobs have sent EUR 175 M, which is, actually, an increase of EUR 4 M year on year.

The transfer of money from abroad reached its boom in 2008 when emigrants sent EUR 2 B, but the amount is steadily going down over the global economic crisis. The same trend is noticed in neighboring countries such as Romania.

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