Last year, Montenegrin citizens working abroad and emigrants sent approximately €792.25 million back home, with €192.78 million sent in the first quarter of this year, according to the Central Bank of Montenegro (CBM).

According to Boris Kilibard, Director of the Payment Balance Directorate at CBM, “During the January-March 2024 period, the inflow was recorded at €192.78 million, which shows a rise from €190.91 million during the same period in 2023.”

The remittances from the diaspora in the first quarter increased by roughly €1.8 million.

The CBM reports that last year’s total remittances comprised €354.4 million from workers abroad, €389.89 million from personal transfers, and about €47.9 million from other transfers such as pensions and social benefits.

In the first three months of this year, €91.85 million came from remuneration for employees working outside Montenegro, while €88.5 million was identified as other transfers.

The Cooperation Strategy with the Diaspora for 2020-2023 emphasizes that remittances predominantly go to family members and that a significant portion is also directed towards investments, especially in tourism, catering, and construction.

This capital primarily originates from emigrants residing and working in Western Europe and the United States, as noted in the strategy document.

While there are no precise statistics on the number of Montenegrin emigrants, estimates suggest there are at least as many as the number of Montenegrin citizens (approximately 620,000). According to diaspora administration sources, most of the Montenegrin diaspora is located in former Yugoslav countries and Western Europe, with communities also in North and South America, Turkey, Australia, and New Zealand.

In the past, the management of the diaspora (now the Ministry of Diaspora) has been involved in initiatives such as issuing emigrant booklets, enrolling in the Montenegro diaspora web application, and collaborating with other state bodies to develop and update records or databases of Montenegrin scientific, health, cultural workers, and athletes, as detailed in the strategy.

The main form of record for diaspora-emigrant organizations is an address book, which by the end of 2019 included 201 diaspora organizations worldwide.

“At the same time, this electronic platform enhances the interconnection and networking among diasporas, paving the way for the creation of new platforms and emigration portals,” the document states.