The amounts decreased by 87% to the target level before the pandemic
Bulgarian emigrants no longer send money to their relatives to their parents. In July, the funds received by Bulgarians abroad were only 14.3 million euros, according to BNB data. The amount is exactly as accurate as every month of last year, when the pandemic had already hit the economy on the pages of the world. There are no funds with almost 87% less compared to July 2019, when everyone still did not have Covid-19, writes “Labor“.
Before the pandemic, the money from emigrants was constantly growing in 2019. reached about 100m euros a month. Now, however, seven times less. The main reason for this is that many of the Bulgarian emigrants returned to their native places. Many people can deviate from the distance. Thus, they will continue to use for foreign companies, but from Bulgaria, where there are almost no restrictions on Covid-19.
The other reasons why the crisis lost their jobs abroad and therefore returned to their native places. Many Bulgarians abroad work in restaurants and hotels, but this industry has been hardest hit by the crisis. After that, the incomes of many Bulgarians abroad are reduced and in return you send smaller amounts to your relatives.
For the first seven months of the year, the amounts received by emigrants are only 98.7m euros. Such an amount is added to Bulgaria by emigrants only within one month before the pandemic. Funds received from January to July are nearly 200m euros less than in the same period last year and 646m euros. euro (-87%) less targeted in 2019
This is money that people use to pay bills, for clothes, food and home repairs. The lack of these funds is used by thousands of households. This leads to shrinking consumption and limiting economic growth. Most funds for the payment of Bulgarians in Germany, USA, Spain and Great Britain. In terms of where the money comes from, there is no change from the situation before the pandemic. But the funds from all the pages are declining at times.