Context on the importance of remittances
Remittances are an important source of external finance for many developing / emerging countries. Here is a selection of fresh background data and examples of the significance of remittances.
According to the World Bank, remittances to developing countries are projected to grow by 3.3% in 2017 to $444 billion.
One of the continuing issues is the cost of making money transfers from one country to another. The global average cost of sending $200 was 7.5% in the first quarter of 2017, significantly higher than the Sustainable Development Goal (SDG) target of 3 percent. Sub-Saharan Africa, with an average cost of 9.8 percent, remains the highest-cost region.
Some examples of the significance of remittances by country including Pakistan and Somalia
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