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During the three quarters of this year, the flow of personal transfers to Lithuania amounted to 510 million LTL. EUR – 38 percent. less than during the same period last year. In the third quarter alone, remittances fell 46 percent. up to 153 million euros.
According to Mantas Vilniškis, an economist at the Bank of Lithuania, remittances fell due to both the coronavirus pandemic and Brexit.
“The first wave of the pandemic affected personal income as well as remittances. The service sector has been the hardest hit by countries, including those with large numbers of Lithuanian emigrants, in the fight against the pandemic by restricting activities economic, ”Vilniškis said in the report.
According to him, migrants working in these sectors are likely to lose their jobs or go into downtime. Additionally, restrictions were stricter in some countries, which could have affected industrial migrants.
“All this affected both the income and the expenses of the emigrants, part of which is probably the money transferred to Lithuania,” said the economist.
M. Vilniškis points out that at the end of the summer, when the epidemiological situation was better and restrictions were relaxed in many countries, remittances also increased.
However, according to him, the new economic restrictions introduced to control the spread of the coronavirus and the upcoming Brexit period will also have a negative impact on remittances. According to the economist, its annual fall should exceed 40 percent.
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