The transformation of remittances from consumption to investment: a challenging strategy to accommodate the future

Eduart Lika

SEER Journal for Labour and Social Affairs in Eastern Europe, 2014, vol. 17, issue 2, 267-278

Abstract: Remittances can contribute to the economic development of a country also by going directly into productive investment, thereby increasing bank liquidity and making it possible to extend loans to entrepreneurs with competing interests, creating an enabling environment for SMEs and facilitating the attraction of emigrants to return to their countries. The banking system in Albania has undergone rapid development since the collapse of the communist system, but the coverage of financial institutions is still weak in some parts of the country, especially in rural areas. Regardless of the size of remittances and their importance to the economy of Albania, there is, additionally, a general lack of policies and strategies for the management and the use of remittances. In this direction, and for a better development of emigration control, the National Strategy for Migration was developed covering a number of issues surrounding the experience of emigrants and the targeted orientation of remittances, as well as the development of an appropriate legal and institutional framework.

Date: 2014
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DOI: 10.5771/1435-2869-2014-2-267

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