TIL Desk/Business/Mumbai/ India has retained its position as the top remittances receiving country with its diaspora sending about USD 69 billion back home in 2017, the World Bank said. Remittances to India picked up sharply by 9.9 percent to USD 69 billion in 2017, reversing the previous year’s dip, but were still short of USD 70.4 billion received in 2014.
Payments from immigrants back to their home countries rebounded to reach a new record in 2017 but the costs of transferring funds also increased, the World Bank said in a report. The stronger-than-expected recovery in remittances — payments that are key to supporting the economies of many poor countries – was driven by growth in Europe, Russia, and the United States, it said.
The rebound in remittances, when valued in US dollars, was helped by higher oil prices and a strengthening of the euro and ruble. World Bank said remittance inflows improved in all regions and the top remittance recipients were India with USD 69 billion, followed by China (USD 64 billion), the Philippines (USD 33 billion), Mexico (USD 31 billion), Nigeria (USD 22 billion), and Egypt (USD 20 billion).
