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Migrant Remittances Still Lifeline to Bulgaria’s Economy

September 16, 2011 Leave a comment

Remittances – money sent by Bulgarian migrants to family members back home – continue to increase slightly, but steadily despite the global downturn, data from the central bank shows. The net sum of the remittances from Bulgarians permanently working abroad totaled EUR 473 M during the first seven months of 2011, Novinite.com (Sofia News Agency) wrote.

Bulgarian immigrants sent home EUR 68.6 M in July alone, slightly down from EUR 77.4 in May, which was a record-high level of transfers since the Bulgarian National Bank started collecting data about remittances back in 2004, the bank said.

The increase in the amount of remittances from Bulgarians working abroad has been firm over the last few years. Total funds transferred to Bulgaria annually have gone up from EUR 693.90 M in 2008 to a whopping EUR 759.6 M in 2010. Studies show that the actual money sent home are about 30-40% higher that the official figures.

http://www.novinite.com/view_news.php?id=132139