Friday, 17 October 2008

Reuters believes remittances will fall

Reuters reports that it believes remittances which total some $40 billion per year (or even $50bn), could become a victim of a spiralling crisis in global financial markets. There are an estimated 30 million Africans living abroad. For remittances, the fear is that when the recession hits Europe and the United States traditionally resilient flows could "ebb as migrants’ purse strings are pulled tighter and tighter".

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