Remittances from abroad returned to pre-crisis levels, with an annual growth of 44% last year. They are a very important foreign exchange potential for our economy, but also a source of financing household consumption. According to the polls of the National Bank, about two thirds of the remittances are used to finance personal consumption, said the Governor of the National Bank Anita Angelovska-Bezhoska in an interview with TV Telma’s “Top Tema” political show.
“Remittances are a channel where we see effects in every crisis episode. There was a significant decline during the pandemic. They decreased by about 24%, or nominally around 400 million euros, which is a really significant amount for our economy. The closure of economies, travel restrictions, deteriorating labor market conditions for expatriates, lower disposable income, and lower remittances have all had an impact. On the other hand, I am glad that last year, this trend registered a significant improvement, with an annual growth of 44% in remittances, which has already returned to the pre-crisis level,” said the governor.