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Bulgarians abroad sent $574.8 million back home in 2016

Staff Writer |
Bulgarians abroad have sent over BGN 1 bn ($574.8 million) to their relatives in the country since the beginning of 2016.

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The largest amount of nearly BGN 200 M was sent by Bulgarians in the USA, followed by Spain and Greece with BGN 174 M and BGN 68 M, accordingly.

Bulgarians residing in the UK have sent back BGN 65 M and those residing in Italy – BGN 59 M. Bulgarians residing in Germany sent back BGN 56 M.

According to experts, the effect of money sent from abroad per household is equivalent to the funds provided by EU funds per region in the country.

“Most probably, the UK will remain one of the countries that sends most money back to Bulgaria,” predicted economist Yavor Alexiev. bTV also pointed out that, against the background of the continuing labour drain, the lack of cadres is making investors think twice.

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