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

Snowfall in the mountains on Christmas Eve

On Tuesday it will be cloudy, with rainfalls in many places. In the high fields of the western regions of Bulgaria it will snow. In the eastern regions the precipitation will be significant. In the western and central regions the..

published on 12/23/24 6:55 PM

2.5 billion euros allocated for construction of second Danube bridge between Ruse and Giurgiu

The construction of a new Danube bridge near Ruse may begin in 2026, as European funding totalling 2.5 billion euros has been provided, the city's regional governor, Dragomir Draganov reported. The new bridge over the..

published on 12/23/24 4:02 PM
Dimitar Glavchev

Bulgaria will fulfil the last criterion for entering the eurozone in mid-January

Around mid-January, we are expected to fulfil the last criterion for the eurozone, which will allow us to submit the convergence reports to the European Central Bank and the European Commission, caretaker Prime Minister Dimitar..

published on 12/23/24 2:40 PM