Source: The Standard
Chinese migrants in Europe sent home US$6.3 billion, a UN report reveals, noting that China was among the leading countries receiving remittances last year.
The UN report said migrants in Europe sent home a total US$109.4 billion in remittances last year, most of it going to poorer European countries.
The International Fund for Agricultural Development said migrant workers in Russia sent home the most in 2014 at
US$20.6 billion, followed by workers in Britain, Germany, France, Italy and Spain.
Top receiving countries were Ukraine, Poland and Romania, though workers also sent US$7.4 billion to Nigeria, US$6.3 billion to China and US$6.2 billion to Morocco.
IFAD president Kanayo Nwanze said the sums, a quarter of remittance flows worldwide, could be higher with more competitive money-transfer services: “We need to make sure that this hard-earned money is sent home cheaply, but more importantly that it helps families build a better future for themselves.” –AP