Diaspora giving B&H Life by sending over 2 billion BAM per Year

September 30, 2015 1:00 PM

diaspora

Citizens of B&H are not forgotten by their friends and relatives in the diaspora. More than 2 billion BAM is coming annually into their accounts, according to Vecernji.ba.

According to data from the Central Bank, almost 33 billion BAM was sent to B&H from 1998 until the last year. The largest remittance in these 17 years was in 2007 when 2,770 billion BAM was paid into the accounts of citizens, and the lowest amount of money from the diaspora was paid in 2002, which amounted to 1,966 billion BAM. In most of these years remittances have exceeded the figure of 2 billion BAM, except in the following three years: 2002, 2003, and 2010.

The diaspora did not forget their loved ones this year. Just in the first 3 months of this year, 493.6 million BAM were received, which is 17.6 million more than in the same period last year. Incomes that were realized on the basis of other transfers in the first quarter amounted to 314.3 million BAM, of which 301.2 million BAM was received on the basis of pensions earned outside of B&H.

The value of remittances is stable for a longer time, and inflows from abroad, on this basis, have a slight growth tendency after a major economic crisis that shook Europe back in 2008. According to the Central Bank, the value of remittances in the first 3 months of 2014 amounted to 476 million BAM, 478 million BAM in 2013, and 451 million BAM came in B&H in 2012. If “our foreigners” have situated well and have a stable income and employment, then they are able to send even more money to their relatives. The number of people that are seeking for employment abroad is increasing from year to year, according to the Central Bank.

B&H has a large diaspora, every 3rd B&H citizen lives abroad. The largest number migrated to Germany, Austria and the Scandinavian countries in recent years. Assessments of the B&H World Diaspora Association are saying that almost 1.3 million citizens of B&H live all around the world, while the data from other institutions show that 1.5 to 2 million people live outside of B&H.

If we take into account that currently 4 million people are living in B&H, we come to the conclusion that every third B&H citizen is living in the diaspora. According to economists, remittances that are coming to the accounts of citizens from their relatives or friends are very important for the overall economic system of B&H.

As they emphasized, it is very important that remittances are stable because then people can rely on them. If there were no remittances, BH citizens would not be able to cope with such a large trade deficit, and this whole system is sustainable due to that.

(Source: fokus.ba)

 

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