Washington — Payments by immigrants to their home countries rebounded in 2017 to reach a new record, but the costs of transferring funds also increased, the World Bank said Monday. The stronger-than-expected recovery in remittances — payments that are key to supporting the economies of many poor countries — was driven by growth in Europe, Russia and the US, the World Bank said in a report. The bank estimates that officially recorded remittances to low-and middle-income countries reached $466bn in 2017, an increase of 8.5% on $429bn in 2016. They are expected to increase about 4% in 2018. Remittance inflows improved in all regions and the top remittance recipients were India with $69bn, followed by China ($64bn), the Philippines ($33bn), Mexico ($31bn), Nigeria ($22bn), and Egypt ($20bn). The global average cost of sending $200 was 7.1% in the first quarter of 2018, and sub-Saharan Africa remains the most expensive place to send money to, where the average cost is 9.4%. "While remitt...
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