Immigrants transferred around 3 billion dollars to Algeria in 2007

Algeria is ranked fourth in the Arab World in terms of remittance flows as Algerian nationals abroad transferred around $3 billion to Algeria in 2007.

Algeria is ranked fourth in the Arab World in terms of remittance flows as Algerian nationals abroad transferred around $3 billion to Algeria in 2007. 

According to a report published by the World Bank on Friday, the money which was officially transferred reached $2,906 billion in 2007 with an increase of

around $400 million compared to 2006

.

 The reported mentioned that France is the biggest source of Algerian nationals’ money abroad while the top destination countries are: France, Spain, Israel, Italy, Germany, Canada, Tunisia, United States, United Kingdom and Belgium.Europe constitutes 90 percent of the transferred money’s sources which equal to 2.2 percent of GDP, according to the same report.

The remittance flows consist in workers’ remittances, compensation of employees and migrants’ transfer.Algeria which was ranked fourth in the Arab World in 2007 was preceded by Egypt ($5.9 billion), Morocco ($5.7 billion) and Lebanon ($5.5 billion). The World Bank’s report said the true size of remittances, including unrecorded flows through formal and informal channels, is believed to be larger.