According to the Bank of Albania statistics, migrants' money to their relatives in Albania (remittances) reached EUR 169 million in the first quarter of the year, reaching the highest level since 2010. 

Compared to the same period a year ago, when the effects of the pandemic crisis had just begun to be felt, remittances increased by 11.2%. even compared to January-March 2019, the expansion is almost at the same levels (+ 12.5%). 

Market players claim that one factor that has influenced is the fact that as a result of increased household spending to cope with the health consequences of Covid-19, children from abroad have sent more support than usual. 

Another phenomenon observed after the pandemic is the increase of informal channels, as the closure of borders has affected the orientation towards official operators. 

Since 2014, remittances had started the upward trend again, reflecting the new wave of emigration. They were lightly affected in 2020 by the crisis caused by the pandemic, especially in the second quarter when Europe entered quarantine, but managed to recover quickly, with the gradual opening of economies. 

In the pandemic year 2020, remittances in 2020 were 673 million euros, with a slight contraction of 4%. This decrease was due to the strong reduction of inflows in the second quarter of quarantine (-35% on an annual basis). But in the following period, growth was strong, respectively 6.5% in the third and 11.5% in the fourth, offsetting almost entirely the decline in the blocking period. 

Italy and Greece continue to be the main remittance channels in the country, due to the high number of migrants living and working in neighboring countries. But in recent years, inflows from new countries of emigration are also increasing, mainly the United Kingdom and especially Germany. Market players claim that Germany is in the typology of a country with new immigration and has been in constant growth in recent years. 

The trend of remittances has followed a cyclical trend in the last three decades, culminating in 2008 and then began to decline. More than a decade later, immigrants began to sever ties with their home country, start their own families, and spend less money. But in recent years, the country is experiencing a new wave of emigration, which has brought again an increase in remittances, since 2013.

(Source: Monitor)