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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 .
Armenia falls in the top 20 countries worldwide for receiving remittances. Armenia, being a country with one of the largest diasporas in the world, provides a case study of a developing economy that is dependent on remittances and the financial support they provide. [23] Total remittances to Armenia reached $1.87 billion in 2013, a 10.8%.
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]
The GCC countries are among the top remittance sending countries in the world. In 2013, 23% of all remittances globally were sent from the GCC region. The total official value was estimated to be approximately US$90 billion. [8] In 2016, Saudi Arabia was second on the list of remittance sending countries and other GCC member states were also ...
India is the world's top receiver of remittances, claiming more than 12% of the world's remittances in 2015. [1] [2] Remittances to India stood at US$110 billion in 2022, US$125 billion in 2023 and remittances from India to other countries totalled US$5.710 billion, for a net inflow of US$63.258 billion in 2017. [3] [4] [5]
In COVID-19 Pandemic (2020) era, despite the global economic impact of the pandemic, India's reserves increased significantly, reaching about $500 billion by mid-2020 due to a combination of lower imports, higher remittances, and inflows of foreign capital. By 2021, India's reserves peaked at around $642 billion in early 2022, marking a record ...
Ria Money Transfer is a subsidiary of Euronet Worldwide, Inc., which specializes in money remittances. [2] [3] [4] Ria initiates transfers through a network of agents and company-owned stores located throughout North America, South America, Europe, Asia-Pacific, Africa, and online.
International Monetary Fund – Lender of last resort to countries short of liquidity; Bank for International Settlements – an international organisation which fosters international monetary and financial cooperation and serves as a bank for central banks.