Money flows

It’s really impressive how much money European migrants working in different countries are sending back home. (CC BY Pedro Ribeiro Simoes)

Bularia consumer prices remain flat in August.

Hungarian MOL would suspend projects.

What to do with the coal in the (non-EU) Balkans.

Who send money? And how much?

How much money European migrants working in different countries are sending back home year by year? It’s really impressive. Bulgaria received USD 830m in remittances from Turkey in 2014. This is as much as 1.7% of Bulgarian GDP that amounts to USD 55,7bn. Statistics show that most of Bulgarians working abroad moved to Western countries or Turkey over the past few decades, after USSR fall.

Time magazine published on its website a map that consists data from the World Bank. The interactive map shows results for most countries. The second country that Bulgaria gets the most money from is Germany. Bulgarian migrants working in Germany sent back home USD 113m in 2014 (0,2% of GDP). And the next is the US, remittances from which amount to USD 96 m (0,17% of GDP). An average Bulgarian migrant sent home USD 1,3000 from Germany and USD 1,300 from the US?

You want to know how much money European countries receive from Poland in form of remittances? For example – Ukraine gets USD 295m from its migrants working in Poland, Belarus gets USD 63m, Lithuania gets USD 211m and Germany gets USD 310m.

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Bulgarian National Statistic Institute revealed in its monthly report on Monday that inflation in August hit zero compared to previous months. Also year-on-year result is zero. Let us remember that inflation rate was negative (-0,3%) from the beginning of the year. The fastest growing prices was those of food and non-alcoholic beverages (0,6% up from July to August). The prices of alcohol and tobacco were up in August 0,2%. The prices of clothes and footwear dropped 2,4% from July to August.

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MOL would suspend some projects. Low oil prices would force  Hungarian gas and oil giant – MOL to withdraw from a few investments. As daily Vilaggazdasag reports “MOL and its peers around the world are re-examining their production portfolios”. For example MOL informed last week that it “significantly reduced” the geological potential of a licence it operates in the Kurdistan (of Iraq).
This year MOL targets a 5% drop in domestic hydrocarbon production. It is said to be ambitious because the output of fields in Hungary was winding down.


Another rating agency would like to upgrade Hungary. After Moody’s announced its will to upgrade the credit rating of Hungary, now Standard & Poorʼs wants to do the same. They are forecasting the outlook soon will be changed from “stable” to “positive”.

As experts say, it’s because of removing “structural anomaly” from Hungarian mortgage market by conversion of FX mortgage loans  to forint. So the markets praise Victor Orban, as we see. Previously, in March, S%P raised Hungary’s rating from BB to BB plus. Let us remember that Hungary’s economy grows and the public debt is being reduced.

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The energy system in South East Europe is corrupt, dirty and inefficient – writes Ioana Ciuta of

The expert points at the lack of common policy directed to energy sector in non-EU states of Europe (the Western Balkans).  She claims EU legislation on environmental protection and renewables would soon affect the non-EU countries (by means of European Energy Community) but in the meantime those countries would invest huge amounts of money and effort in their based-on-coal projects.

Having in mind Ukraine, Moldova, Georgia but especially Bosnia and Herzegovina and Serbia, she describes the impetus of those investments. The power plants Kostolac B3 and Tuzla7 are said to be financed by Chinese banks. What would happen with those investments when Serbia and Bosnia and Herzegovina would have to implement EU energy law? In 2013 almost 19% of energy in UE came from carbon. In 2000 – it was 25%.

What’s up in indexes?

Hungarian BUX was up 0.65% Monday, September 14. It grew from 21083.05 on Friday to 21219.23 index points. It’s up 27.57% from year-end.

BET (of Romania) increased to 7158.82 index points on Monday. Starting from 7136.69 index points on Friday it is up 0.31%. And is up 1.07% from year-end.

PX (of Czech Republic) is still falling down. On Monday the result was 1000.90 index points. On Friday it was 1001.18 (so it’s down 0.03%). And it’s up 5.72% from year-end.

A little slide of Polish WIG20. It was down 0.11% on Monday with 2183.05 index points (on Friday it was 2185.46). It’s 5.74% down from year-end.

Bulgarian SOFIX still grows. The index increased on Monday to 452.46 points (compared to 451.87 on Friday), being up 0.13%. It’s down 13.34% from year-end.

OMX Tallinn was up 0.10% on Monday with 883.58 index points. On Friday it was 882.67. It is up 17.02% from year-end.

A OMXV (Vilnius) lost 0.31% on Monday falling to 485.91 index points. On Friday it was 487.41. But it’s still up 7.40% from year-end.

SAX (of Bratislava Stock Exchange) grows constantly. It increased to 266.27 index points on Monday. That is up 0.17% day to day. And up 19.77% from the year-end.

UX (Ukraine) fell 0.45% on Monday from 988.61 index points on Friday to 984.18 index points. It’s 0.35% drop from year-end.


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