WHAT HAS BEEN BOOSTING REMITTANCES?

Mainly, the weakness in the Indian rupee, Pakistani rupee and Philippine peso due to widening trade deficits and the decline in forex reserves has encouraged expats to send more money back home

The Indian rupee has weakened due to a widening current account deficit, high crude price, fallout of trade war between the US and China and interest rate hike by the Fed

Pakistanis sent more money home due to the election victory of Pakistan Tehreek-e-Insaf, Eid Al Adha and a tax amnesty scheme regarding assets

Over the past three years the Philippine peso has been on a rarely interrupted downtrend as the economy’s trade surplus gradually turned into a deficit