Latest News

World Bank says remittances increased significantly in the Caribbean in 2018

Wednesday, April 10, 2019

Print this page Email A Friend!

WASHINGTON, United States (CMC) — The World Bank says remittance flows into Latin America and the Caribbean grew by 10 per cent to US$88 billion last year supported by a strong United States economy.

The Washington-based financial institution said Mexico continued to receive the most remittances in the region, posting about US$36 billion in 2018, up 11 per cent over the previous year.

The bank said that worldwide remittances to low- and middle-income countries, such as those in the Caribbean, reached a record high in 2018, estimated at US$529 billion, an increase of 9.6 per cent over the previous record high of US$483 billion in the previous year.

Global remittances, which include flows to high-income countries, reached US$689 billion in 2018, up from US$633 billion in 2017, the World Bank added.

It said that for this year, remittance flows to low- and middle-income countries are expected to reach US$550 billion, to become their largest source of external financing.

The global average cost of sending US$200 remained high, at around seven per cent in the first quarter of 2019, according to the World Bank's Remittance Prices Worldwide database.

Reducing remittance costs to three per cent by 2030 is a global target under the United Nations' Sustainable Development Goal (SDG)

“Remittances are on track to become the largest source of external financing in developing countries. The high costs of money transfers reduce the benefits of migration. Renegotiating exclusive partnerships and letting new players operate through national post offices, banks, and telecommunications companies will increase competition and lower remittance prices,” said Dilip Ratha, lead author of the World Bank report.

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at




1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed:

6. If readers wish to report offensive comments, suggest a correction or share a story then please email:

7. Lastly, read our Terms and Conditions and Privacy Policy

comments powered by Disqus



Today's Cartoon

Click image to view full size editorial cartoon