Washington sources reported that as per a statement "Remittance inflows improved in all regions and the top remittance recipients were India with $69 billion, followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion), and Egypt ($20 billion)". Meanwhile the remittances to India rose sharply by 9.9% in 2017, reversing the previous year’s sharp decline.
Media reports global remittances are expected grow 4.6% to $642 billion in 2018. As per the World Bank's latest Migration and Development brief the remittances to low and middle-income countries rebounded to a record level in 2017 after two consecutive years of decline.
Dilip Ratha, lead economist at the World Bank in
his blog said “The overall recovery in remittances is better than we expected.
It is driven by stronger growth in the European Union, the Russian Federation,
and the United States. Moreover the rebound in remittances, when valued in US
dollars, was helped by higher oil prices and a strengthening of the euro and
Domestic fuel prices continued to scale new height As per report, the price of petrol nearing the psychological Rs 90 a litre mark in Mumbai with the fuel selling at Rs 89.44 under the dynamic pricing regime. Meanwhile as per rates released daily by state run Indian Oil Corp, the depreciating rupee and expensive crude oil further pushed petrol and diesel to new record highs on Monday.
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