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news 17 Mar 14

Montenegrin Diaspora Sends Home 1.3 Billion Euro

Montenegro has received almost 1.3 billion euro in remittances from its diaspora around the world over the past four years, the central bank said.

Dusica Tomovic
BIRN
Podgorica

The central bank said on Sunday that the amount sent home by Montenegrins working abroad to their families increased by almost five per cent last year, reaching a total of 353 million euro.

According to the bank’s information, the diaspora sent remittances worth about 342.8 million in 2012, about 321.34 million in 2011 and nearly 281 million in 2010, adding up to a total of 1.3 billion euro over the past four years.  

Most of the remittances that were sent home through the banking system came from Serbia, Italy, Germany, Greece and Britain, the bank said.

“Some of the money [also] comes into Montenegro by so-called ‘informal channels’,” the bank's statement added, saying that it planned to assess how much was being sent using non-official methods.

The foreign ministry in Podgorica said that it does not know the exact number of Montenegrin emigrants and their descendants throughout the world, but estimates that there are as many as the country’s population of around 650,000.

The ministry has said in the past that the Montenegrin emigrants and their descendants mostly live in North and South America, Serbia, Turkey, western Europe and the countries of the former Yugoslavia. Significant numbers also live in Australia, Russia and some African countries.

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