The Iran Project

‘Iran remittance income less than 1% global flow’

A World Bank study indicates Iran’s revenues from the massive USD 583 billion global remittance flow is less than half a percent.

The Latest World Bank report, Migration and Development Brief, shows Iran earned some USD 1.382 billion from the total pool in 2014 – a figure which is only 0.23% of the full amount, yet marking a USD 52 million growth from the previous year.

This is while other countries like Egypt and Nigeria registered 19.6 and 20.9 billion respectively.

India ranked first, receiving $70 billion, while China followed with $64 billion as the Philippines trailed with a distant $28 billion.

The top five remittance recipient countries, in terms of value of remittances, continue to be India, China, Philippines, Mexico and Nigeria.

The World Bank also predicted a sluggish trend for such incomes in 2015, saying growth in global remittances, including those to developing countries, will slow sharply this year due to weak economic growth in Europe, deterioration of the Russian economy and the depreciation of the euro and ruble.

Officially recorded remittances to the developing world are expected to reach $440 billion in 2015, an increase of 0.9 percent over the previous year. Global remittances, including those to high income countries, are projected to grow by 0.4 percent to $586 billion.

The 2015 remittance growth rates are the slowest since the global financial crisis in 2008/09. Nonetheless, the number of international migrants is expected to exceed 250 million in 2015, and their savings and remittances are expected to continue to grow.

The global average cost of sending $200 held steady at 8 percent of the value of the transaction, as of the last quarter of 2014.

By Press TV

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