ANALYSIS OF PRIVATE TRANSFERS IN THE BALANCE OF PAYMENTS OF REPUBLIC OF NORTH MACEDONIA IN THE PERIOD OF 2015-2020

Avdirahman Ebibi and Tatjana Spaseska
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Avdirahman Ebibi: UNIVERSITY ST KLIMENT OHRIDSKI – BITOLA, FACULTY OF ECONOMICS-PRILEP, NORTH MACEDONIA
Tatjana Spaseska: UNIVERSITY ST KLIMENT OHRIDSKI – BITOLA, FACULTY OF ECONOMICS-PRILEP, NORTH MACEDONIA

Annals - Economy Series, 2021, vol. 6, 32-42

Abstract: Balance of payments and international investment position data are critical in formulating national and international economic policy. Certain aspects of the balance of payments data, such as payment imbalances and foreign direct investment, are key issues that a nation's policymakers seek to address.By studying BOP statement and its components closely, we would be able to identify trends that may be beneficial or harmful to the economy of the county and thus, then take appropriate measures, moreover the BOP provides important information to analyze and understand the economic dealings of a country with other countries.Considering the importance of this category of transfers in the home countries, in accordance with the high amounts achieved and the strong growth, not only in Macedonia but also in the region, these transfers cause increased interest among the scientific community, especially in terms of their potential to support economic country development. Despite the high amounts of registered inflows from emigrants and seasonal workers abroad, it is believed that the volume of funds arriving through informal channels is large. The Republic of North Macedonia is characterized by a long tradition of migration. Although the most popular destinations are known, the exact number of migrants abroad is not fully known. Considering the above mentioned, the subject of this paper will be an analysis of the role and importance of private transfers as an important category in the balance of payments of the Republic of North Macedonia, their role in improving the country's gross domestic product and relevance in improving living standards. of the population as a last resort. The paper will apply relevant reports from renowned international institutions that are most prominent on this issue, and through appropriate analysis will draw specific conclusions.

Keywords: balance of payments; private transfers; remittances; exchange market (search for similar items in EconPapers)
Date: 2021
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