Emigrants' remittances fall 1.3% in 2020, down for the first time since 2010

By TPN/Lusa, in News, Economy · 16-03-2021 20:30:00 · 1 Comments

Remittances from Portuguese emigrants fell 1.3% last year compared to 2019, to 3,612.8 million Euros, falling for the first time since at least 2010, according to data from the Bank of Portugal.

According to the data consulted by Lusa, the reduction in the value of remittances in 2020 to 3,612.8 million happens for the first time since at least 2010, the year in which emigrants sent 2,425 million Euros to Portugal, but above the value recorded in 2018, when 3,604 million Euros were remitted by Portuguese workers abroad.

According to figures from the financial regulator and supervisor, available on the bank's website, Portuguese emigrants sent €335.6 million to their country of origin in December last year, which represents a drop of 4.3 percent, with no definite trend regarding falls or rises in 2020 compared to 2019.

The data for December 2020, the latest available, show that remittances sent to Portugal fell from 351 million Euros in December 2019 to 335.6 million in the last month of last year, marked by the sharp slowdown in economic activity resulting from the Covid-19 pandemic.

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The Millennium BcP in Lagoa just refused to open a bank account for my client. The fact that he wants to buy a property here - preferable a ruin which he wants to renovate - and that he wants to establish here a business. Thus, money flaw is guaranteed. So, please, blame yourself Portugal!
The bank wanted to see an employment check. My client, however, does not need to work. What a shame!

By Lenka from Algarve on 17-03-2021 10:55
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