Remittances refer to the transfer of funds from migrant workers to their families and communities back home. The economies of many developing countries depend on these transactions, as it provides millions of households abroad the much needed financial support. This, in turn, contributes to the GDP of the countries that embrace them.
It’s not just about the families and communities, though. With the increase in global migration, remittances are becoming an essential component of the international monetary system that sculpts economic progress, social well-being, and the ever-expanding financial inclusivity.