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Remittances, defined as monetary transfers made by migrants to their home countries, play a crucial role in global economies and the livelihoods of individuals and families. In some countries, remittances account for more than 30% of the total economic output.
India is the world's top receiver of remittances, claiming more than 12% of the world's remittances in 2015. [29] [30] Indians living overseas are the world's largest diaspora. As per the Ministry of Overseas Indian Affairs (MOIA), remittance is received from the approximately 35 million members of the Indian diaspora. [31]
Since 1989, the current account deficit of the US has been increasingly large, reaching close to 7% of the GDP in 2006. In 2011, it was the highest deficit in the world. [11] New evidence, however, suggests that the US current account deficits are being mitigated by positive valuation effects. [12]
The World Bank was created at the 1944 Bretton Woods Conference, along with the International Monetary Fund (IMF). The president of the World Bank is traditionally an American. [12] The World Bank and the IMF are both based in Washington, D.C., and work closely with each other.
Pakistan maintains foreign reserves with the State Bank of Pakistan. The currency of the reserves was solely the US dollar, incurring speculated losses after the dollar prices fell during 2005, forcing the then Governor SBP Ishrat Hussain to step down. In the same year, the SBP issued an official statement proclaiming diversification of ...
During that period economy of Pakistan remained in poor shape and Pakistan had to go to IMF again for record third in the period of Bhutto government. [3] As per few sources, this was the most corrupt government in the history of Pakistan. This time Pakistan got an amount of US$294,690 (equivalent to $589,251 in 2023) on 13 December 1995. [3]
At the end of March 2022, the State Bank of Pakistan's reserves stood at $11.425bn, but they gradually tanked to an almost four-year low of $6.715bn on 2 December. Pakistan's foreign exchange reserves equal to just five weeks of merchandise imports. [27] The consistent depreciation of the rupee is said to be deepening the economic crisis. [28]
Mexico is the third largest remittance receiving country in the world, with a total of $25.7 billion received in 2015. [3] The vast majority of these remittances come from the U.S. In all, only $500 million of the $25.7 billion in remittances came from sources other than the United States. [3]