TIRANA, June 18 /ATA/ – The flow of remittances reached a value of 1.9 billion euros in 2023, the World Bank said, adding that the remittances have a significant impact on the Albanian economy and are a vital source of funding and a lifeline for many Albanian families.
According to the World Bank, Albania’s accession to the Single European Payments Area (SEPA) promises significant opportunities for individuals and businesses.
World Bank considers that given their importance, the second phase of the Bank’s Remittances and Payments Program funded by the Swiss Secretariat for Economic Affairs, aims to ensure that remittances are channeled through reliable and cost-effective means.
According WB, SEPA integration would help Albanian economy to record an additional growth of 1% annually and the remittances inflow could grow further due to lower fees and cheaper money transfers. Albanian emigrants in SEPA countries and their families in Albania could save up to 100 million euros annually from reduced costs.
“Meeting the 3% Sustainable Development Goals of United Nations’ target on remittance costs can potentially unlock 100 million euros in savings for migrants and their families,” the Bank said.
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