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A look at the remittance trends in times of Covid19

Remittances are usually understood as financial or in-kind transfers made by migrants to friends and relatives back in communities of origin. With most immigrants sending consistent remittance flows to their mother countries, the Covid19 has brought forth the risk of job losses, income fluctuations and economic uncertainties which could greatly affect the remittance percentages. The amount of inflows is dependent on factors such as diaspora population and level of skilled labor in the diaspora. Remittance flows to low- and middle-income countries (LMICs) are projected to reach 551 billion USD in 2019, up by 4.7 percent compared to 2018 (World Bank, 2019).