Remittances

To many people, the word remittances is synonymous with migration, which could be internal (i.e., within the same country) or external (i.e., from one country to another). Common migration triggers are economic considerations, as is often the case with migrant workers searching for better economic opportunities in other regions/countries, or safety considerations, as is often the case with refugees fleeing political persecution or civil wars. Regardless of the migration triggers, many of the immigrants may send money to family members and friends back in their regions/countries of origin at some stage. These money transfers are what remittance entails. Recent statistics reveal rising trends in volumes of both migration and remittance flows globally. This has, in turn, brought attention to the issue of the economic and ...