Remittances – what are the opportunities for clients and institutions? Opening presentation Remittances Officially recorded remittance flows to developing countries reached $316 billion in 2009. The true size is believed to be larger
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Officially recorded remittance flows to developing countries reached $316 billion in 2009. The true size is believed to be larger
Up to 90 per cent is spent on basic necessities
From 30 to 40 per cent of remittances are sent to rural areas (up to 70% in Tajikistan)
The share of remittances in total income of receiving households is high (30-70%)
a small percentage have bank accounts, savings accounts, or access to credits or other financial services.
Source: Orozco, Manuel. EBRD 2007; and Survey on remittance transfers to Armenia.