“Downside risks remain substantial, including a further deterioration of the war in Ukraine, volatile oil prices and currency exchange rates, and a deeper-than-expected downturn in major high-income countries,” said the World Bank in its report.
Rising oil prices and continued demand for migrant workers boosted remittances to Central Asian countries, while the ruble’s appreciation against the US dollar translated into higher value of outward transfers.In Ukraine, remittance growth is pegged at 2 percent, lower than earlier estimates “as funds for Ukrainians were sent to countries hosting them, and hand-carried money transfers likely increased,” the bank added.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World Bank chief says poorest countries owe $62B on bilateral debt - BusinessWorld OnlineWASHINGTON — The world’s poorest countries now owe $62 billion in annual debt service to official bilateral creditors, an increase of 35% over the past year, World Bank President David Malpass said on Thursday, warning that the increased burden is increasing the risk of defaults. Mr. Malpass told the Reuters NEXT conference in New York […]
Source: bworldph - 🏆 9. / 68 Read more »
WB sees slower growth in PHL remittances in 2023 - BusinessWorld OnlineREMITTANCE INFLOWS to the Philippines are expected to rise by 3.6% this year, the World Bank (WB) said, but it sees growth slowing in 2023 as a looming global economic slowdown is likely to weigh on overseas Filipino workers’ (OFWs) ability to send more money home.
Source: bworldph - 🏆 9. / 68 Read more »
$100B in remittances head to India in 2022 - BusinessMirrorMigrant workers from India are on track to send home a record amount of money this year, boosting the finances of Asia’s third-largest economy, which is poised to retain its spot as the world’s top recipient of remittances. Remittance flows to India will rise 12 percent to reach $100 billion this year, according to a
Source: BusinessMirror - 🏆 19. / 59 Read more »
BPI branches get green building certification from IFC - BusinessMirrorTHE Bank of the Philippine Islands (BPI) announced it has set a new milestone in the country’s sustainable banking operations as BPI Iloilo Solis and BPI Loyola Katipunan became the first two bank branches to earn Excellence in Design for Greater Efficiencies (EDGE) certification of World Bank Group member International Finance Corporation (IFC). EDGE is
Source: BusinessMirror - 🏆 19. / 59 Read more »
Huawei CFO's US bank fraud charges to be dismissedThe company itself will continue to face cases on bank fraud, sanctions violations, conspiracy, and trade secrets theft.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
IDC fetes Maya Bank - BusinessMirrorMaya Bank Inc. was recently recognized as a country winner at the “Future Enterprise Awards 2022” by International Data Corp. (IDC) for “leveraging its deep customer data and artificial intelligence to bring banking, payments and more in just one money platform —the first-of-its-kind innovation in the Philippines.” Maya President Shailesh Baidwan was quoted in a
Source: BusinessMirror - 🏆 19. / 59 Read more »