
Albanian emigrants sent around 268 million euros during the second 3 months of the year, which is the highest figure since 2008, when the Bank of Albania's calculations began. The data show that in relation to the same period a year ago, remittances increased by 38.5 million euros. Rising costs of living in the country, low wages and pensions compared to the region seem to encourage immigrants to send more and more money to their families back home.
Until now, during the half of the year, Albanian families received a total of 509 million euros from family members living in the suburbs. Remittances in this way are increasingly affecting the socio-economic life in the country.
They are the only financial source for nearly 1/3 of Albanian families, keeping consumption alive through the financial inclusion of the population, but discouraging employment. Although in foreign currency the level of remittances during 2022 is close to that of 2008, the same cannot be said if they are returned to Lek.
On the other hand, European currency seems to have played an impetus for the increase of remittances in the country, since its devaluation in the domestic currency market during this summer season below the level of 100 lek means that Albanian families benefit less from the money sent from their relatives in emigration.