Impact of remittances

May 31, 2012  //  Posted by: Financial advisor  //  Category: Finance

Impact of remittances, financial tipsThere are many things in the financial world that were not so important in the past but have attained a new found importance in the globalised world. One of these things is the remittances. These are basically the money that migrant workers send back home to their families. For a long period of time the value and the effect of these remittances have been neglected while determining the various factors of the financial world. But with the immigrant population having increased to a formidable number, these days remittances are one of the biggest earners of foreign exchange for a country.

It is mostly the people from the developing countries who cross over to the developed countries in search of jobs. And thus remittances are a very big source of valuable foreign exchange for these developing countries. It has been found that at present remittances is the second largest source of foreign exchange for any country.

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