Serbia receives USD 5.5bn in remittances from abroad.

By bne IntelliNews February 9, 2010
In 2009, Serbians received an estimated USD 5.5bn in remittances, up by 15% y/y, the minister for diaspora Srdjan Sreckovic has stated. Sreckovic noted that the remittances account for 14% of the countrys GDP. In addition, remittances are half of the value of total Serbia s exports, the minister stressed. The minister went on to say that the level of remittances was even higher than the stand-by loan deal that Serbia agreed with the International Monetary Fund (IMF) during 2009. Higher remittances have also contributed to the relative stabilisation of the national currency, since these funds are usually used for consumption and thus higher remittances meant larger supply of foreign currency on the market. The funds from remittances are mostly coming from primarily from Germany , Austria , Switzerland and the United States , Sreckovic said.

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