Migrants Remit $445bn Home In 2016 - UN
Notwithstanding the monumental tragedies befalling people who left their countries for overseas through the treacherous sea and desert routes in search of greener pasture, the successful ones and of course those who reside overseas through legal procedures are putting smiles on the faces of their family members they left behind in their native lands through foreign currency remittances back home.
A report published by the United Nation puts the amount remitted by the migrants back home in 2016, at $445 billion.
According to The Nation newspaper, which reported the story, these remittances globally have impacted positively on the lives of the benefiting families.
The report states: "The report, titled Sending Money Home: Contributing to the SDGs, One Family at a Time and published on Wednesday, said currently about 200 million migrants, by sending money home, have supported some 800 million family members globally.
"Women now comprise about half of all remittance senders, and it is believed that this trend can help advance gender equality and women’s empowerment through financial independence and better employment opportunities.
"The report, by the UN International Fund for Agricultural Development, said that remittance flows have grown over the last decade at an average rate of 4.2 per cent annually, from 296 billion dollars in 2007 to 445 billion dollars in 2016.
"The top 10 sending countries account for almost half of annual flows, led by the U.S., Saudi Arabia and Russia.
"Up to 80 per cent of remittances are received by 23 countries, led by China, India, the Philippines, Mexico and Pakistan.
"As to the remittance transfer method, cash-to-cash remains the most common form, while mobile phone networks, internet-based tools and digital money in various forms present a potentially transformative force for sending and receiving money.
"The report also pointed out that the most important objective going forward should be to leverage the potential development impact on the receiving side by providing remittance-receiving families better opportunities to use their money productively."
A report published by the United Nation puts the amount remitted by the migrants back home in 2016, at $445 billion.
According to The Nation newspaper, which reported the story, these remittances globally have impacted positively on the lives of the benefiting families.
The report states: "The report, titled Sending Money Home: Contributing to the SDGs, One Family at a Time and published on Wednesday, said currently about 200 million migrants, by sending money home, have supported some 800 million family members globally.
"Women now comprise about half of all remittance senders, and it is believed that this trend can help advance gender equality and women’s empowerment through financial independence and better employment opportunities.
"The report, by the UN International Fund for Agricultural Development, said that remittance flows have grown over the last decade at an average rate of 4.2 per cent annually, from 296 billion dollars in 2007 to 445 billion dollars in 2016.
"The top 10 sending countries account for almost half of annual flows, led by the U.S., Saudi Arabia and Russia.
"Up to 80 per cent of remittances are received by 23 countries, led by China, India, the Philippines, Mexico and Pakistan.
"As to the remittance transfer method, cash-to-cash remains the most common form, while mobile phone networks, internet-based tools and digital money in various forms present a potentially transformative force for sending and receiving money.
"The report also pointed out that the most important objective going forward should be to leverage the potential development impact on the receiving side by providing remittance-receiving families better opportunities to use their money productively."
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