Currency Depreciation to Blame for 7.2% Drop in Global Remittances: World Bank Supports Digital Remittances

According to a new report, the depreciation of some currencies against the U.S. dollar is contributing to the declining international remittances. After touching an all-time high of $548 billion in 2019, the World Bank report now projects remittances to drop 7.2% in 2020 to $508 billion and a further decline of 7.5% to $470 billion in 2021. Volatile Currencies In its Migration and Development Brief 33, the World Bank details how the Covid-19 induced currency depreciation has affected the flow

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