Remittances and Financial Products in Albania : Reality and the Future: A Survey Analysis

Remittances are the largest influx of funds into the Albanian economy, outdistancing foreign direct investments and exports. However, these funds flow substantially outside formal channels and, for the most part, help meet the most pressing needs of Albanian emigrants' families and relatives. But, in fact, they do not currently play a significant role in furthering economic expansion and financial investment in Albania, partly because Albanian financial institutions lack the customized and remittances-oriented financial products and services that would encourage formal inflows. This survey seeks to shed light on what is currently offered by the Albanian financial system with regard to remittances and recommends that all interest groups take a pro-active attitude toward and monitor the remittance market attentively in order to turn this potential into a powerful tool for additional business activity and expansion, greater economic growth, and welfare services