Record high remittances from Albanian emigrants in 2024

Albanian emigrants continued to play a significant role in supporting their families and the country’s economy in 2024. According to data from the Bank of Albania, remittances reached a record-breaking €1.045 billion, marking the highest figure ever recorded. Compared to 2023, this represents an increase of €116 million, highlighting the ongoing financial contribution of the Albanian diaspora.

Why is this important: Remittances remain an important source of income for many Albanian households. In addition to supporting families, they have a direct impact on the national economy, particularly influencing the foreign exchange market. The high circulation of euros has contributed to the currency’s devaluation against the Albanian lek.

Key insights: In the last quarter of 2024 alone, Albanian emigrants sent approximately €272 million home, representing an 8% year-on-year increase. On average, one in four families in Albania relies on financial support from emigrants. While formal banking channels are the preferred method of sending money, a significant portion of remittances is still transferred informally, often in cash during visits.

“Remittances are not only vital for household finances but also contribute to the broader economic landscape,” noted the Bank of Albania.

Seasonal impact: During summer holidays and the end-of-year festive period, remittance volumes typically see an additional boost. The presence of emigrants returning to Albania during these times leads to a surge in both financial transfers and direct spending.

Yearly comparison:

2023: €929 million

2024: €1.045 billion

As remittances continue to grow, policymakers and financial institutions are encouraged to promote formal transfer channels to ensure more secure and traceable transactions.