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Euro banknotes Photo: Pixabay
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Emigrant money, which only five years ago was many times more than foreign investment in our country, continues to decline. In 2021, they collapsed to 161.5 million euros. This is 55%, or 197.3 million euros less than in 2020, when their total amount was 400 million euros. This is shown by the BNB data.
For comparison, five years ago emigrant money was around 1 billion and was more than foreign direct investment in Bulgaria.
Thus, last year Bulgarians working abroad sent an average of 13.4 million euros per month, while in good years the amount reached 100 million euros per month. The real flows of this money can never be measured, as the BNB does not report cash brought in, as well as transfers below 2,500 euros.
There are no significant differences compared to last year in the geography of translations. Most translations come from Germany, in second place is the United States, third place for years is reserved for Spain, and fourth is the United Kingdom.
According to World Bank forecasts, emigration transfers to Bulgaria will decrease by 37% this year.
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