The potential savings of Romanians working abroad, EUR 30bn. Savings in accounts in Romania – some 18 pc


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Romanians in the country allocate less than 1% of the household expenditures for investments, but spend 7% on alcoholic drinks and cigarettes, said Adrian Vasilescu, advisor for strategy with the National Bank of Romania (BNR), while a sociological research shows that the potential for savings and investments of those working abroad is about EUR 30 billion.
“Statistics show that a household in Romania spends some 1% of the expenditures for investments in houses, land, stock shares and so on. Some 5% represent expenditures for clothing and footwear, and 7% for cigarettes and alcoholic drinks,” Adrian Vasilescu said Wednesday during the conference ‘Diaspora and entrepreneurship – key factors for the Romanian economy.’
In turn, FLAME Foundation president Cristina Dobre has revealed a sociological survey on the money earned by Romanians working abroad, money they don’t send home.
“We looked at the remittances and at the savings and investments of these Romanians. Remittances amount to about EUR 7 billion, money that comes to Romania annually. In terms of savings and investments, we believe it is a very large amount, a capital that might be attracted to our country, i.e. EUR 28 billion,” Cristina Dobre said.
She said that the survey started from the estimate that five million Romanians live abroad, of which 3.5 million send money back home on yearly basis.
64% of respondents save, but only 18% in accounts in Romania, and the remaining 46% save their money abroad. In addition, 62% of the survey participants say they save for business.

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