World Bank: remittances to developing world hit record in 2018

World Bank: remittances to developing world hit record in 2018

Money transfers to poor and developing countries hit a fresh record in 2018 and should become their largest source of external financing this year, the World Bank said.

But, according to the bank, many banks and money transfer operators charged too much, cutting into the gains of migration.

Migrant workers and others sent home an estimated $529 billion to low-and middle-income countries last year, up 9.6% from the year before, which had also been a record.

The bank said that such money transfers should hit $550 billion this year, making them the largest source of external finance.

Money transfers were up 12% to $131 billion for South Asia and almost seven percent for East Asia, reaching $143 billion. Sub-Saharan Africa saw a 10% increase at $46 billion, according to the bank.

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