Poles abroad sent EUR 830 mln in remittances to Poland: central bank

In the first quarter of 2021, as much as EUR 830 mln in remittances was sent to Poland by Poles abroad, while foreigners working in Poland sent back a total of EUR 1.09 bn in remittances, reads the Tuesday balance of payments issued by the National Bank of Poland (NBP).

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Polish short-term migrants sent EUR 240 mln (29.3 percent of the total) and long-term migrants sent EUR 590 mln (70.7 percent).

In a y/y comparison, the overall amount of remittances in 2021 was EUR 22 mln larger. These were larger than a year ago remittances from Germany, the Netherlands and Norway that contributed to the spike. On the other hand, a fall in money sent from the UK was recorded.

According to the NBP, the largest remittances were sent from Germany. Poles working in Germany sent EUR 280 mln to Poland in Q1. Second came the UK with EUR 87.55 mln.

Meanwhile, the remittances sent by foreigners working in Poland were EUR 280 mln larger in a y/y comparison. The spike resulted from the growing number of transfers issued by short-term immigrants that amounted to EUR 88 mln against EUR 72 mln in the Q1 of 2020.

In terms of geography, Ukraine had the largest share of the transfers sent by foreigners working in Poland, namely EUR 900 mln (81.7 percent of the total). In 2021, employees from Ukraine sent back EUR 660 mln.