Flow of migrant money reduction

Reductions in jobs and the increase in protectionist measures in the West led to a reduction in the amounts sent by Eastern emigrants at home. This further complicates the financial situation of hundreds of small towns that are severely affected by economic crisis, transmit Reuters.
Amounts sent back home by Romanians who work abroad have decreased by one third during the first four months of the year. The number of Romanian immigrants is estimated at 10 percent of the country’s population, which numbers 22 million people, BTA reported.
Poland and Bulgaria also reported a decrease of this indicator, as immigrants from their diasporas are fighting for wages and jobs of British, Irish and Southern European labor markets.
Although unemployment has reached record high levels in the preferred destination for immigrants from the former communist Europe, Romanian and Polish senior representatives noted that a small portion of the millions of immigrants left their home countries in the years when they joined the EU are returned.
According to market observers majority of immigrants receive lower wages or are registered as unemployed, which still gives them better opportunities than at home, but reduced the amounts to save, to send in the home.
Along with the increase in protectionist measures in some countries this trend is expected to complicate the situation of their compatriots from Bulgaria and Romania, which expect their economies to shrink by more than 4 percent this year, Reuters noted.
Since the beginning of the crisis, Spain introduced a voluntary program for the return of immigrants, Italy zategna rules of residence of foreigners, according to sociological studies and anti-immigrant mood in Britain is strengthened.
To May Romanians sent home 1.8 billion euros (2.5 billion dollars.), A drop by one third over the same period in 2008, said the Romanian Central Bank.
Poland, which only published quarterly data on remittances, a decrease of the indicator by 17% to 658 million euros in the first quarter of the year. According to estimates only 5 percent of Poles working abroad.
The amount one million Bulgarian immigrants sent to their home countries, fell by 16 percent to 738 million during the first five months of 2009, as most fell
transfers of money from seasonal workers – mostly from Spain and Greece.
World Bank puts Romania and Poland among them 10 leading countries in the amount of remittances from immigrants. Romania reported that in 2008 its citizens are immigrants send home a total of 5.1 billion euros, equivalent to 4% of
economy. In Poland, according to central bank data on this indicator is 5 billion, but experts from the World Bank, the actual data might be twice as large for both countries.
Bank economists forecast for this year decline in global money transfers by 7.5 percent to just over 300 billion e. as the most reduction in this indicator will be reported in Europe and Central Asia.

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Finance

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