Why are remittances falling?

Remittances continue to decline. In July-October this year, these remittances fell to $9.9 billion, down 8.6 per cent from $10.827bn in July-October last year. If the declining trend continues, total remittances in FY23, ending in June, would remain close to $30bn, lower than the $31bn that flowed in FY22. That may frustrate hopes of keeping FY23’s current account deficit somewhere around $10bn, more so if … Continue reading Why are remittances falling?