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Romanians' foreign remittances close to one billion euro in March

Romanians' foreign remittances stood at 978 million euro in March, a figure almost equal to January and February's combined amounts, show data of the National Statistics Institute (INS).

In Q1 the Romanians sent home some 2.2 bln euro, of which almost half were transferred to the country in March. Compared to the first quarter of the previous year, remittances increased 38 pct, reveal the cited data. This supplementation occurs amid pessimistic forecasts, as analysts and even the National Bank of Romania expect remittances from immigrant Romanians to shrink at a time when Spain and Italy - the major destinations for the local workforce so far - face economic problems. If the growth rate keeps steady all over the year, remittances might reach in 2008 a total of some 8-9 billion euro, higher than expected direct foreign investments, writes Ziarul financiar. According to BNR data, money transfers from Romania advanced 50 pct to 761 million euro. Current transfers over the first three months of the year thus hit 1.43 bln euro, up 33 pct from the similar period of 2007. Sursa: http://www.rompress.ro

Tags: euro remittances march foreign bnr

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