Remittance Flows News Today

In 2023, India led global remittance inflows at USD 125 billion, driven by factors like its UAE agreement boosting bilateral trade in dirhams and rupees. The World Bank predicts a 12.4% growth, down from 24.4% in 2022. Indias share in South Asian remittances increased to 66%. Key contributors were skilled Indians in the US, UK, and Singapore, alongside higher flows from the UAE. The use of local currencies is pivotal for formalizing remittance channels. Globally, remittances grew 3.8%, but conce...

Potential there, political will needed

Remittances to sub-Saharan Africa grew 14 percent to $49 billion in 2021, the strongest gain since 2018.

Growth in remittance anticipated to drop to 2% in 2022 from last year’s 2.2% 

Remittances continue to be an importance source of development financing, reaching $559 billion to low- and middle-income countries in 2019, but the high cost of sending remittances is a deterrent factor. This column provides fresh evidence on both cost- and risk-based constraints and market structures that are barriers to lower remittance fees. In particular, access to

The COVID-19 pandemic has highlighted two features of the Nepal-India economic relationship: Nepal’s ballooning trade deficit, and unrestricted cross-border movement of people of both countries. Attributing the trade deficit entirely to supply-side constraints is neither accurate nor conducive to the overall health of the relationship. This brief suggests ways towards more sustainable trade relations between India and Nepal, among them, India relaxing the non-tariff measures it imposes on Nep...