TIRANA, Sept. 14 – Foreign companies operating in Albania continue transferring large amounts of profits from Albania rather than reinvesting them.
Foreign companies operating in Albania transferred some €90 million in profits in the first half of this year, down from €113 million during the same period last year, in an ongoing high level since the onset of the global financial crisis in 2008, according to the Bank of Albania.
The transfer of profits rose to €227 million in 2015, up from €214 million in 2014. Since the onset of the global financial crisis, foreign companies operating in Albania have considerably increased the transfer of profits to their parent companies. The transfer of profits dropped to €78 million in 2013, down from €232 million in 2012 and 2011, €365 million in 2010 and a record €401 million in 2009 at the onset of the global financial crisis.
“Under these conditions the increase in transfer of profits implies that foreign companies are reinvesting their profits in Albania less and sending back more in cash profits to their parent companies affected by the debt crisis,” experts say.
The transfer of profits from 2004 to 2009 ranged from €19 million to €57 million annually, according to the Bank of Albania.
