Diaspora brings EUR 1 billion to Serbia in first four months

In the first four months of 2019, the diaspora brought more than EUR 1 billion to Serbia, which is 2% more than in the same period in 2018.

Considering that the season of annual leaves is ahead and that a large number of Serbian citizens who work abroad will come back, this could mean that, this year, foreign exchange transfers from abroad might exceed the amount of EUR 3.4 billion which was recorded in 2018, Kurir writes in today's issue.

As the National Bank of Serbia explains, the biggest percentage of these payments, around 80%, is denominated in euros and comes from the countries where a large part of the Serbian diaspora lives and works, primarily Germany, Switzerland, Austria and France.

The NBS says that the average amount varies depending on the destination and the way the transfers are made – quick payments averaged at around EUR 260 in 2018, whereas payments through banks averaged at around EUR 2,000.

Traditionally, these payments have been a relatively stable inflow from abroad at the level of around 8% of the GDP annually, the NBS adds.

The Chamber of Commerce of Serbia also points out that payment transfers from abroad are important for the citizens, as they supplement their earnings, while also reflecting on Serbia's economy indirectly, through increased spending.

Narodna banka Srbije Beograd

Privredna komora Srbije

payment transfers from abroad

inflow of payment transfers

foreign exchange payment transfers

foreign exchange payment transfers in 2019

inflow of foreign exchange to Serbia

inflow of payment transfers to Serbia