WASHINGTON—Remittances could hit $630 billion globally by the end of this year, according to a new report from the World Bank.
The report also states suggests remittance flows to the Ukraine will rise by 20%, FXStreet noted in its analysis.
FXStreet reported that Dilip Ratha, head of KNOMAD, the Global Knowledge Partnership on Migration and Development—a project of the World Bank, pointed out dropping remittance fees will spur much greater usage.
Potential for Huge Savings
“Lowering remittance fees by two percentage points would potentially translate to $12 billion of annual savings for international migrants…and $400 million for migrants and refugees from Ukraine,” Ratha said.
FXStreet noted that the pandemic saw remittance figures “take a beating, given the difficulty which so many migrants had in terms of employment. Last year saw an increase of 8.6%, and this brief (from the World Bank) suggests this year could be similar.”
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