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BNR: Amounts sent to the country by Romanians abroad to go down

The National Bank of Romania (BNR) is expecting a decrease in the amounts sent to the country by the Romanians abroad, as Romanian emigrants focused on countries affected by international financial turbulences, such as Spain and Italy, vice governor of the BNR Cristian Popa said.

'We could have some corrections of the remittances , as the Romanian immigration went to countries that suffered more significant corrections. That is Italy, and Spain, countries that in the euro zone already have more difficult economic evolutions,' Popa said. He told Rompres he expected Romanians working in the construction field in Italy and Spain not to return to Romania because of the crisis in the real estate field, but to decrease the amounts sent to their relatives back home. He explained these remittances do no longer influence the exchange rate but have a positive influence over the current account deficit, in the respect of balancing it, which has a smaller level than the commercial deficit, with the difference accounting for 5 percent of the GDP. Romanians abroad sent to Romania 7 billion euros in 2007, the current account deficit stood at 13.9 of the GDP while the commercial deficit was of 19 percent of the GDP. Sursa: http://www.rompress.ro

Tags: abroad bnr romanians amounts euro

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