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TIRANA, Dec 8 – Though not seen and often not accepted by local authorities, the negative effects of the global financial crisis are being felt in Albania as well.
The central bank of Albania said there has been a 13 percent drop in remittances from Albanians living outside the country.
The bank noted that there were 623 million Euros sent during the first nine months of this year, a figure that was 13 percent less than a year ago.
Remittances in Albania cover between 13-15 percent of the country’s GDP and are a main source of balancing the country’s commercial deficit, reaching 840 million Euros during the first nine months of this year.
