SEPA accession is expected to have another positive impact, due to the lack of fees for remittances and the facilitation that the system will bring.
Albanians have set a new record for remittances brought to Albania in 2024, where the figure has exceeded the quota of 1 billion euros. This is a change of more than 116 million euros from last year. This is reported by the Bank of Albania, which has explained that during 2024, Albanian emigrants have brought 1 billion and 45 million euros to the country, making it the highest figure ever recorded. In the last quarter of 2024 alone, which coincides with the New Year holidays, emigrants brought 273 million euros to their relatives, an annual increase of 8%.
“During the period, an expansion was observed not only in the volume of remittances through formal channels, but also in cash inflows,” the Bank of Albania notes.
SEPA accession is expected to have another positive impact, due to the lack of fees for remittances and the facilitation that the system will bring. However, on the other hand, the increase in remittances may also be an indicator that more Albanians have emigrated abroad and these emigrants are bringing income earned abroad back to the country. An analysis last year by the Bank of Albania showed that without remittances, the poverty level in the country would be 8% higher than it is. If today the poverty level is 20%, without remittances from emigrants it would be 28%. Figures from domestic and foreign institutions show that 1 in 4 Albanian families benefits from remittances.