Economy of B&H in the Hands of Diaspora

BH Economy in the Hands of Diaspora avaz.baIn the first quarter of 2015, 493.6 million BAM or 252.5 million EUR were sent from the Diaspora to B&H.

That is by 17.6 million BAM more in comparison with the same period last year.

According to the data of the Central Bank, nearly 33 billion BAM have been sent to B&H since 1998 until last year, with an annual average exceeding two billion BAM, Nezavisne novine reported.

The biggest remittance in those 17 years was in 2007, when 2.77 billion BAM were paid to the accounts of the citizens, and the least amount of money from the Diaspora arrived in 2002, when 1.96 billion BAM were sent. In the majority of those years, the remittances exceeded the amount of two billion BAM, except in three years: 2002, 2003 and 2010.

The influx of money from the Diaspora, realized on the basis of other transfers, amounted to 314.3 million BAM in the first quarter, of which 301.2 million BAM arrived on the basis of pensions earned outside of B&H.

B&H has a large Diaspora in which every third citizen of that country lives. The largest number of them emigrated during the past years to Germany, Austria, and the Scandinavian countries.

The estimations of the World Federation of Diaspora of B&H state that around 1.3 million citizens of B&H live throughout the world while, according to the data of other institutions, 1.5 to two million persons from B&H live outside of B&H.

According to the claims of economists, the remittances that arrive to the accounts of the citizens from their family or friends are exceptionally important for the entire economic system in B&H because, given the enormous trade deficit of B&H, they maintain it; it was stated in the text.


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