Serbs from abroad sent a record EUR 5 billion to their friends and relatives in Serbia

According to the latest data collated by the National Bank of Serbia, the influx of remittances in 2022, i.e. money payments from abroad to Serbia, has exceeded a record 5 billion euros which are more than the total foreign direct investments made in the country the same year.

This kind of remittance is a double-edged sword. On the one hand, remittances keep an important part of the Serbian economy going, while on the other hand, they are a sign of the increasing emigration in our country.

According to the NBS, the remittances amounted to a total of 5.03 billion euros, which is 38.3 percent more compared to 3.6 billion in 2021. The biggest remittances came from Germany (27 percent), Switzerland (14 percent), Austria (11 percent), France (6 percent) and the USA (6 percent).

“When it comes to the growth of remittances, there are several things that should be mentioned. First, remittances normally have a countercyclical character, which practically means that in periods of crises, increased uncertainty and geopolitical tensions, they usually grow. Practically, people who live abroad, in such circumstances, help their family members who live in Serbia more,” explains the NBS and adds:” Growing inflation resulted in the fact that all key macroeconomic indicators, including remittances, were nominally increased Finally, the growth of foreign remittances is influenced by the higher number of foreign citizens who established their residence in Serbia.”

(Blic, 26.02.2023)

This post is also available in: Italiano

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