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Bulgarians abroad send record amounts of money to their families home

Date: 05.08.2011

Bulgarian Emigrants Support Households with 335M Euro

Bulgarian emigrants make a serious contribution to family budgets in Bulgaria shows data of Bulgarian National Bank (BNB) on balance of payment. In May Bulgarians who live abroad have transferred 77.4M euro to their families. This is an absolute record since 2004 when BNB began to keep record on these transfers. Since the beginning of 2011 the transferred money totals 335.7M euro or by 6 million euro more compared to the same period in 2010. In 2010 Bulgarians abroad had sent to their families 759M euro - by nearly 40M euro more than in 2009 and by over 60M euro more than in 2008.

Most probably the real numbers of the transfers made by Bulgarian emigrants are in times higher, analysts believe. This is due to the fact that according to EU legislation BNB must register just the amounts exceeding 50 000 euro.

According to a survey conducted by Open Society Institute in the end of last year, Bulgaria ranks second in Europe in the amount of cash inflow from abroad. Romania is the first in the criterion but its considerably larger population should be taken into account. A survey conducted by the Bulgarian National Bank a couple of years ago found out that only 47.7 % of the Bulgarian emigration did not send money home. Only 36.9 % of the emigrants who support financially their families confess they use the official channels for money transfer.

According to data from the latest report of the World Bank on emigration, total 1.2 million Bulgarians work abroad, or roughly 16% of the country's population. The most favoured destinations are Turkey, Spain, Greece and Italy. Some 6.6 % of the emigrants are qualified specialists, 814 of them are medical doctors.

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