Remittances yield US$ 3bn

6 June 2007 14:01 Source: BIRN BELGRADE -- Remittances have contributed to Serbia’s economy with around US$ 3bn, National Bank Governor Radovan Jelašić said Tuesday. "Remittances [the foreign currency annually sent home by people working abroad] are improving the living standards of our people, they are also a major boost to the development of small and medium [sized] businesses," Jelašić said in a broadcast by the state-run RTS, speaking at the International Conference on Remittances held in Belgrade. According to official estimates, more than 1 million people from Serbia are currently working abroad, mainly in European Union countries. The World Bank official data indicate that remittances worldwide exceeded US$ 230bn in 2005. [Read more]