Albania has absorbed,
in the form of inward remittances flows, substantial quantities of hard
currency each year, that directly funded the uncovered part of the country's
demand for goods and services from abroad. Specifically speaking,
around 6.6 billion Euros are estimated to have flown to Albania for the
last 15 years (since 1992) as emigrant transfers, standing for approximately
13 % of the GDP and being the main financial sponsor for the trade deficits
(about 60 %).
Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the high level conference organised by the EBRD and sponsored by Switzerland,
London, 28 September 2005.
