Remittance Flows News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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. India's 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 concerns loom over migrant income due to inflation and low growth in 2024.

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