Podcast in English
Text size
Bulgarian National Radio © 2024 All Rights Reserved

Bulgarian National Bank records drop in remittances from Bulgarian emigrants

Photo: Library

In the pandemic year 2020, Bulgarians working abroad sent 339.4 million euros to their relatives in Bulgaria. This is 879.4 million euros or 72% less than the bank transfers for 2019, when 1.219 billion euro came to the country, according to BNB statistics. This is the largest decline, surpassing the collapse during the 2008 financial crisis.

Emigrants are usually one of the largest foreign investors in the country via their bank transfers to family members as this foreign money flows directly into domestic consumption and real estate investment. These funds do not create added value, but their drastic reduction seriously reinforces the negative effects of the coronavirus crisis, Bloomberg TV Bulgaria reports.



Последвайте ни и в Google News Showcase, за да научите най-важното от деня!
Listen to the daily news from Bulgaria presented in "Bulgaria Today" podcast, available in Spotify.

More from category

The folklore ensemble ''Rodina'' to represent Bulgaria at the European Union Cultural Festival in Ottawa

The Bulgarian folklore ensemble ''Rodina'', led by Rayna Stamatova, will represent our country at the annual European Union Cultural Festival, which will be held in Lansdowne Park in Ottawa on July 13, 2024, the Ministry of Foreign Affairs announced...

published on 7/3/24 6:04 PM
President Ruen Radev

President Rumen Radev: The political crisis continues

"It is evident that the political crisis continues and its solution requires not only putting aside personal and party interests but also requires adequacy", President Rumen Radev said in Parliament after the MPS rejected the nomination of Rossen..

published on 7/3/24 5:52 PM
Rosen Zhelyazkov

Parliament rejects GERB-SDS cabinet proposal

After a heated debate, Parliament rejected the proposed GERB-SDS cabinet with Rosen Zhelyazkov as Prime Minister. It was supported by 98 MPs, with 138 voting against and two abstaining. Zhelyazkov, representing the first political force in Parliament,..

published on 7/3/24 4:42 PM