Foreign Exchange transfers to Romania boosting Romanian economy

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Foreign Exchange transfers to Romania are boosting Romanian economy due to the amount of Romanians living in Britain, in the last three month period a total of £41 million left the UK for the Eastern European country which is sending and estimated half a million pounds each and every day.

In 2010 the Romanian economy was boosted by £2.5 billion alone due to foreign exchange transfers sent from the UK and abroad. If the level was maintained throughout 2010, it would mean more than £160 million was sent to Romania from the UK over a year. The figures for the country’s UK based nationals for January to March last year include cash transferred between banks or moved by money transfer.

That would mean a rise of nearly 50 percent on the 2009 total of £108million. But the figures do not include informal transfers and unofficial movements of money, including cash moved between friends and relatives.

This means the true total could be up to 30 per cent higher. An estimated two million Romanians work abroad, including 60,000 thought to live in the UK. Most live in North London and the South East of England. A further 25,000 each year are given work permits to enter Britain.

Average incomes in Romania are 28 percent of those in Western Europe and a fifth of the working age population lives abroad. Economists estimate that it could take 20 years before Romanians reach the living standards of countries like the UK.

Official figures show some £90billion has been sent back to Romania over the last decade from expatriates. The average Romanian worker is thought to save around £100,000 before returning home.

There is no wonder why when a study was conducted by a Romanian jobs website they found the UK was the most popular destination for workers but last year, the EU blocked Romania and Bulgaria from joining the EU’s passport free travel zone because of fears of an influx of organised criminals.

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