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PHOTO: File
The global pandemic has caused a drastic fall in the money sent to Bulgaria by Bulgarians working abroad. Migrants are traditionally trusted for the Christmas and New Year holidays, but this year the situation is different, BTV reported.
Data from the Bulgarian National Bank show that in the third quarter of the year, remittances in Bulgaria fell almost 10 times, from € 303 million in 2019 to less than € 38 million in 2020.
If from January to September last year 940 million euros were sent to Bulgaria, this year for the same period the amount is slightly more than 300 million euros.
The most serious is the decrease in the money of Germany: minus 132 million lev, the money of the United States decreased by almost 120 million.
For economists, the decline is expected, due to badly affected economies around the world and the fact that the crisis has affected the majority of low-skilled immigrants.
“Even if there is some improvement, if the flows increase, the 2019 levels will not be reached. Even next year, those families who have relied on such income will have to adapt in some way to the new situation.” said Kaloyan Staykov of the Institute for Market Economics.
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