India also upbeat on Remittances

Along the same lines as the previous post, Remittances to India have not slowed down significantly according to the Reserve Bank of India (RBI).

Writing in its annual report the RBI said "Available information indicates that inward remittances to India have not been impacted significantly by the economic crisis," also contradicting popular perception of a severe impact on remittances.

According to the World Bank estimates (in July 2009), remittance flows to developing countries, which increased to $ 328 billion in 2008 from $ 285 billion in 2007, are projected to decline by 7.3 per cent in 2009, the RBI said.
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