Gov’t’s National Diaspora Strategy aims channeling remittances in the banking sector

Channeling remittances in the banking sector and using them for Albania’s economic development will be one of the measures included in the Strategy for National Diaspora and Migration 2018-2024.

This strategy will affect the expansion of banking services in the country as well as the increase of cooperation with foreign banks in terms of remittances.

The Minister of State for Diaspora Pandeli Majko stated that the formalization of remittances would have a direct impact on the country’s economic development.

The remittances of Albanians after 1990 were split into several phases with different developments.

So, from 1991 to 1997, the first remittances resulted had a substantial impact in the high growth of the Albanian economy.

The second phase of remittances started in 1997, almost halving the total amount, while the third phase is related to the recovery of the economy as a result of remittances sent by the increasing number of Albanians who migrated right after the Ponzi schemes crisis.

According to the Bank of Albania, in 2004, remittances increased, exceeding the figure of $1 billion. Following 2009, remittances have slightly declined.

SCAN

*Material i përgatitur nga portali SCAN. Ripublikimi mund të bëhet vetëm kundrejt citimit të autorësisë dhe burimit origjinal.