Emigrants transferred a record-breaking amount of €77.4 mln to Bulgaria in May

Bulgarians living permanently abroad transferred a record- breaking amount of €77.4 mln to Bulgaria in May, showed data of the Bulgarian National Bank (BNB). The amount is an absolute record for this type of remittances since the beginning of 2004, when BNB started to collect similar data. Transferred amounts exceeded €70 mln in merely 7 out of almost 90 months, experts reported. This happened for the last time in March 2011, when our compatriots living abroad remitted the amount of €71.3 mln to the country.

It should be borne in mind that, according to a BNB study, May is traditionally the strongest month in terms of the largest transfers which have been carried out since the beginning of the year. Over the last three years, the largest amounts of money were remitted then - 20% more than the average monthly value.

In the first five months of the year, emigrants sent a total of €335.7 mln, or an average of €67.14 mln per month, compared to €329.6 mln or €65.92 per month for the same period of 2010. We want to point out that, in 2010, Bulgarians living abroad transferred to accounts of relatives the amount of €759.6 mln, compared to €717.7 mln in 2009 and €693.90 mln a year earlier.

BNB data shows that merely €2.9 mln were remitted from Bulgaria abroad over the first five months of the year.

Central Bank statistics, however, cover only the money remitted via bank transfers. The data does not cover cash transfers and the purchase of goods abroad which are being sent to relatives at home. Therefore, the actual cash flow to Bulgaria is probably much larger.

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