Remittance news

Here are some recent news articles and updates related to remittances:

Global Remittances

• According to the World Bank, global remittances are expected to reach $689 billion in 2023, a 4.1% increase from 2022. (Source: World Bank)
• The World Bank also reported that remittances to low- and middle-income countries are expected to reach $523 billion in 2023, a 4.5% increase from 2022. (Source: World Bank)

Regional Remittances

• In the United States, remittances to Latin America and the Caribbean are expected to reach $34 billion in 2023, a 5.5% increase from 2022. (Source: Pew Research Center)
• In the European Union, remittances to Eastern Europe and Central Asia are expected to reach €12 billion in 2023, a 3.5% increase from 2022. (Source: European Commission)

Digital Remittances

• According to a report by the International Fund for Agricultural Development (IFAD), digital remittances are expected to reach 50% of all remittances by 2025. (Source: IFAD)
• The report also found that digital remittances are more cost-effective and faster than traditional remittance methods, with an average cost of 2.5% compared to 5-10% for traditional methods. (Source: IFAD)

Remittance Trends

• A report by the World Economic Forum found that remittances are becoming more important for economic development in many countries, particularly in Africa and Asia. (Source: World Economic Forum)
• The report also found that remittances are being used to finance entrepreneurship, education, and healthcare, among other things. (Source: World Economic Forum)

Remittance Regulations

• The European Union has introduced new regulations to improve transparency and security in cross-border payments, including remittances. (Source: European Commission)
• The regulations require payment service providers to disclose more information about the fees and exchange rates associated with cross-border payments. (Source: European Commission)