Development Finance – Understanding the Importance of Remittance
Development Finance – Understanding the Importance of Remittance
Employees ‘ remittances have now become an important source of external Development Finance. Officially recorded remittances received by developing nations surpassed $250 bln in 2006. The real size of remittances, including both officially recorded and unrecorded transfers thru informal channels is even bigger. There are two types of remittances-family and community. Family remittances are money sent by individual immigrants to buddies and relatives back home. These remittances are typically used to meet their most basic wishes. Community remittances are cash sent by immigrants and by hometown associations to communities in their home country.
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