No respite for cost of remittance
In terms of funds, remittance saw the lowest inflow from investors in 2018 while it was led by lending and payments
Mumbai: In 2018, India is likely to retain its top spot, with remittances expected to reach $79.5 billion this year, followed by China ($ 67.4 billion), Mexico and the Philippines ($33.7 billion each), and Egypt ($25.7 billion), according to World Bank’s Migration and Development report. Despite an increase in volume, the global average cost of sending $200 remains high at 6.9% in the third quarter of 2018. Reducing remittance costs to 3% by 2030 is a global target under Sustainable Development Goal (SDG).
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