Fun

Remittances to Low and Middle Income Countries in 2022 Up by 5% to $626 Billion — Latest World Bank Report

News Feed - 2022-12-07 09:12:58

Remittances to Low and Middle Income Countries in 2022 Up by 5% to $626 Billion — Latest World Bank Report


Despite the headwinds that have dominated the year, remittances to low and middle-income countries in 2022 still grew by 5% to $626 billion, the World Bank Migration and Development Brief has said. Africa, where the cost of sending $200 averaged 7.8% in 2022, is the “most severely exposed to the concurrent crises.” Impact of the Appreciating Ruble and Weaker Euro


According to the latest World Bank Migration and Development Brief (MDB), total remittances to the so-called low and middle-income countries (LMICs) in 2022 went up by 5% to $626 billion. The increase, which is lower than the 10.2% seen in 2021, came despite the global headwinds that have characterized much of 2022, the report said.


As per the brief, the factors that contributed to the slower rate of growth in the U.S. dollar value of remittances sent to LMICs include the Russian currency’s appreciation, the weaker euro, as well as the scarcity of foreign currency in some countries.


Commenting on the report, Michal Rutkowski, a global director for social protection and jobs at the World Bank, said: Migrants help to ease tight labor markets in host countries while supporting their families through remittances. Inclusive social protection policies have helped workers weather the income and employment uncertainties created by the COVID-19 pandemic. Such policies have global impacts through remittances and must be continued. Africa Most Exposed to ‘the Concurrent Crises’


Meanwhile, according to the MDB, Africa is the region “most severely exposed to the concurrent crises.” To illustrate, the report notes that while remittances to Sub-Saharan Africa grew by 5.2% to $53 billion, this increase is markedly lower than the increase of 16.4% that was achieved in 2021. In terms of the cost of remitting funds, the brief said the cost of sending $200 to the region is 7.8% which is the highest among the six global regions covered by the study.




Concerning the use of digital channels when sending remittances, the report acknowledges that while the cost of remitting funds via these channels is much lower, several factors still render them less ideal alternatives.


“Digital technologies allow for significantly faster and cheaper remittance services. However, the burden of compliance with Anti-Money Laundering/Combating the Financing of Terrorism regulations continues to restrict access of new service providers to correspondent banks. These regulations also affect migrants’ access to digital remittance services,” the MDB noted. Tags in this story AML, CFT, COVID-19, cross border remittances, Euro, Michal Rutkowski, Migration and Development Brief, Russia Ruble, russian ruble, World Bank


What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. "Big Short" Investor Michael Burry Warns of Extended Multi-Year Recession in US ECONOMICS | 6 days ago Elon Musk Warns of Severe Recession — Urges the Fed to Cut Interest Rates Immediately ECONOMICS | 7 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleLedger Reveals New Crypto Hardware Wallet Designed by iPod Creator Tony Fadell Next articleBitcoin, Ethereum Technical Analysis: BTC, ETH Continue to Consolidate as USD Strengthens Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits


As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Ana Paula Pereira7 hours agoDeFi economic activity drops 15% in August —VanEckAccording to an analysis from investment manager firm VanEck, exchange volume across DeFi protocols declined to $52.8 billion in August, 15.
Chainlink (LINK) Among Top Gainers With 11% Daily Surge, Is A Rebound To $24 Coming?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
William Suberg12 hours agoBitcoin shorts keep burning as BTC price seeks to hold $27KBitcoin stubbornly refuses to give up its latest gains as BTC price seeks to flip $27,000 to support into September’s last Wall Stree
TSMC becomes first Asian company to reach $1T as AI demand surges
Tristan Greene7 hours agoTSMC becomes first Asian company to reach $1T as AI demand surgesThe company is now worth more than Broadcom and closing in on Meta.1539 Total views3 Total sharesListen to article 0:00NewsOwn thi
Blockchain Retail Market Size to Top Over $2 Billion by 2028 — Study
Blockchain Retail Market Size to Top Over $2 Billion by 2028 — Study According to Fortune Business Insights, the global blockchain retail market size is expected to surge from th
PayPal opens PYUSD stablecoin to USD conversions for cross-border transfers
Zhiyuan Sun8 hours agoPayPal opens PYUSD stablecoin to USD conversions for cross-border transfersThe cross-border payments will be handled via PayPal’s Xoom subsidiary.1248 Total views4 Total sharesListen to article 0:
Robinhood to Launch Crypto Trading Internationally — Sees ‘Immense Potential’ in Crypto Economy
Robinhood to Launch Crypto Trading Internationally — Sees "Immense Potential" in Crypto Economy Robinhood has “set aggressive goals to start opening its crypto platform up
Spain’s Lawmakers Plan to Provide Basic Income to Low-Income Residents
Spain"s Lawmakers Plan to Provide Basic Income to Low-Income ResidentsSpain is preparing to provide universal basic income (UBI) to low-income individuals due to the wrath of the co
US Says North Korea Has 6,000 Hackers: Many in Belarus, China, India, Malaysia, Russia
US Says North Korea Has 6,000 Hackers: Many in Belarus, China, India, Malaysia, RussiaNorth Korea allegedly has about 6,000 hackers, many of whom operate abroad, according to a rece
ChatGPT launches AI-powered search engine prototype
Turner Wright4 hours agoChatGPT launches AI-powered search engine prototypeAccording to OpenAI, SearchGPT will give users a more intuitive search experience, allowing them to ask questions to refine a search as they woul
Traders Flock to Tether, USDC, PAX – Stablecoins See Great Demand After Crypto Market Havoc
Traders Flock to Tether, USDC, PAX - Stablecoins See Great Demand After Crypto Market Havoc Stablecoins have seen massive volume and growth this month especially after the market
Ubisoft Open-World Games Are Going to Get Much, Much Bigger
With the ongoing success of its trademark open-world games, Ubisoft is set to make them much, much bigger moving forward. | Photo by Frederic J. BROWN / AFPWhen we think of Ubisoft