Emigrants have Sent over EUR 1 Billion to Bulgaria in 2017

Society | April 10, 2018, Tuesday // 13:41|  views

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Bulgarians working abroad have sent their relatives in Bulgaria over 1.15 billion euros last year. This is EUR 284 million more than in 2016 when the amount of money transfers amounted to EUR 869 million. This shows the preliminary data of the Bulgarian National Bank (BNB).

The funds sent by our compatriots abroad are more than the foreign investments in the country for 2017, which amount to nearly EUR 902 million.

According to BNB data, foreign investments for the past year are mainly directed at the manufacturing industry.

Transfers from emigrants go directly into consumption - to cover running costs, health care, education, and loan repayment. Some of the funds are also used to start a small or family business.

The greatest amount of money comes from Bulgarians living in the United States, Spain and Greece.

BNB data also show that the amounts that Bulgarians send home gradually recover to the pre-crisis levels of 2007 and 2008. However, this does not happen with foreign investments, which are mainly in the form of debt instruments, which means they are short-term and have no long-term development perspective.

BNB data only report money sent by bank transfer and through money transfer companies. It is not clear what amounts come to Bulgaria in cash or what goods bought abroad come to the country.

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Tags: emigrants, money tranfers, Bulgaria


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