How diaspora is significant for Bosnia and Herzegovina, show the best the data from the Central Bank of BiH on inflows from abroad, and without these inflows, financing of our account deficit would be much more problematic and would require other sources of financing from abroad (including borrowing as well).
Central Bank of Bosnia and Herzegovina, according to available data, estimates that remittances, i.e. private transfers in 2014 will amount to around 2.25 billion BAM, which represents the increase compared to 2013, as said by the Governor of the Central Bank of BiH, Kemal Kozaric.
Governor of the Central Bank of BiH said that receiving remittances from abroad for certain group of citizens represents an important source of income, without which citizens would be in much less favorable social situation.
“Remittances contribute to the higher purchasing power and higher local consumption in the country, but it is concentrated at recipients of remittances to have tolerable standard of living, while in general, it is not of key importance for the entire economy“, explained Kozaric.
While talking on measures to increase remittances, Kozaric considers that it would be very important to facilitate and attract investments from our diaspora, given that a significant number of people from diaspora after a long stay in abroad, already disposes with a significant property that could be invested in BiH.
“Combined with their technological knowledge of local markets in those countries, many opportunities for people from diaspora to start export oriented businesses in BiH and to successfully connect the production in BiH and placing of products and services in countries of their current residence, are being opened“, explained the Governor of the Central Bank.