Remittances, or the money sent by migrants to their home countries, have always played a crucial role in the economies of Latin America and the Caribbean. That became particularly clear during the COVID-19 pandemic, with much of the region’s economies on life support in mid- to late 2020. Against this backdrop, remittances acted as an automatic stabilizer, supporting local … [Read more...] about Digital Finance and Pandemic Remittances
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Why Remittances Soared as the Pandemic Raged
Remittances – money sent from migrants working abroad to families in their home countries – are a major source of income for many in Latin American and the Caribbean, representing as much as 20% of the GDP in nations such as El Salvador, Honduras, Haiti, and Jamaica. As occurred after the 2008 global financial crisis, remittances typically dry up in the wake of economic … [Read more...] about Why Remittances Soared as the Pandemic Raged