Remittances from abroad: Serbian diaspora sent 2.7 billion EUR in 2016

Remittances (money) that Serbs abroad send to their relatives in Serbia every year are tantamount to 9% of the Serbian GDP, compared to 5.4% share that foreign investments had in the Serbian GDP in 2016.

It has been estimated that Serbs living abroad have a sent a total of 2.7 billion EUR to their relatives in Serbia. These are so-called foreign remittances, i.e. the money that our citizens living in foreign countries sent to their friends and family members in Serbia, as well as pensions and disability allowances that Serbian people, who used to work abroad, are now receiving.

The National Bank of Serbia (NBS) says that, in the 11 months of 2016, a total of 2.45 billion EUR of foreign remittances arrived to Serbia which is a 6.4% decline compared to the same period in 2015.

Since every December, just prior to New Year and Christmas holidays, Serbs living abroad send much more money than in other months, the foreign remittances last year probably did exceed the amount of 2.75bln EUR.

It has been estimated that close to 800,000 people in Serbia are receiving money from abroad, and that each recipient received 3,370 EUR on average in 2016, which amounts to between 370 and 410 EUR per capita – the NBS says.

Our central bank also says that the said amount refers to the money received via bank account and wire transfer, and adds much more has probably been sent via different, unregistered ways.

(Politika, 05.02.2017)

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