Rivers of Gold - remittance flows

• Officially recorded remittances amounted to a record US $529 billion in 2018, which is more than three times the volume of official development assistance (ODA) - mainly sourced from the USA, UK, Russia etc.
• Benefits:

  • Present a more stable and steadily rising source of income, unlike investment which fluctuates and dips significantly during recessions
  • Are an effective way to alleviate poverty because they go directly to families
• The global average cost for sending $200 in 2019 was around 7 per cent, but can be between 15 to 18 per cent. The UN aims to reduce this to 3 per cent by 2030 as a target under the Sustainable Development Goals