As per the Remittances Stats, one in every ten people around the globe is directly associated with remittances. The U.S. is the largest remittance source country that witness outflow of $42 billion annually. Among the various regions of the world, the Latin America has the largest and fastest growing remittance flow. It received approx 40% of remittance sent to developing countries.
The International Day of Family Remittances (IDFR), celebrated on 16 June, is aimed at recognizing the significant financial contribution migrant workers make to the wellbeing of their families back home and to the sustainable development of their countries of origin. It is also aimed at encouraging the public and private sectors, as well as the civil society, to do more and collaborate to maximize the impact of these funds in the developing world.
The IDFR was unanimously proclaimed by all 176 member states of IFADís Governing Council at its 38th session in February 2015, and it is currently being submitted to the attention of the United Nations General Assembly for formal endorsement and universal recognition.
"Remittances can help rebuild the fabric of societies, spark economic development, and bring the stability necessary for a hopeful future." ó Kanayo F. Nwanze, President of the International Fund for Agricultural Development
Proclaiming an International Day of Family Remittances represents an invaluable opportunity not only to recognize the efforts of migrant workers globally, but also to strengthen current partnerships and create new synergies among sectors to promote the development impact of remittances worldwide.
Remittances - Statistics and Facts The Migrants who are earning into foreign locations remit on average 12.6 times a year. The average remit amount is in the range of $150/200/250 every time. These remittances are used by the family, friends or relatives in the home country for their daily expenses. These remittances make up to 10% of their household income. A quarter of remitters usually send money their earned money home first, prior to paying their own bills. The remittance rates have shown good growth in spite of downfall of U.S. economy.
Generally, the remittances increase at times of the slow economy of home country where it can be used as an effective anti-poverty tool.