Albanian remittances, a record of remittances from immigrants during 2022

 Chart of remittances from 2011 to 2023 in Albanian

 Albanian emigrants sent 834 million euros during the past year, the highest level since 2008. Data from the Bank of Albania shows that in relation to 2021, remittances expanded by 73 million euros or 9.6 percent, local media say.

"The year 2022 has been called a rebound. The money that was not sent in 2020 and 2021 was sent last year. The other part is as a result of the expansion of emigration. The crisis of prices and the increasing needs of families in the country have also had an impact," says Pano Soko, an expert in economics.

Since 1992, when the first waves of arrivals began as a result of the expansion of the emigration cycle, remittances have increasingly influenced the socio-economic life of the country. They are the only financial source for almost 26 percent of Albanian families, sustaining consumption through financial inclusion of the population, but discouraging employment.

"In an ideal society, we would not need remittances. Our labor force would work and live here. Thus, real productivity remains outside, while what can be saved comes here. This cannot be good news," says Soko.

Although in currency terms, the level of remittances during 2022 is similar to that of 2008, the same cannot be said when they are converted into lek. The depreciation of the euro, which in January fell to around 114 lek, has meant that Albanian families benefit less from the portion sent by relatives abroad.