Interbank Market News Scan: Remittances, foreign exchange; Africa sees average cost of remittances at 8.2% …

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Foreign exchange rates of interest…

Currency PairsRates as of 8:13 am EST 17 May 2021
USD/AOA652.8280
USD/GMD50.9478
USD/GHS5.7535
USD/NGN379.9410
USD/KES108.0900
USD/SLL10134.0000
USD/RWF979.3480
USD/ZAR14.1119
USD/MZN58.3200
Source: OANDA

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Remittances. According to the bank’s latest Migration and Development Brief, officially recorded remittance flows to low- and middle-income countries reached US$540 billion in 2020, 1.6 per cent below the 2019 total of US$548 billion. Remittance flows remained strong during COVID-19 in 2020, says World Bank (jamaicaobserver.com)

Remittances, Philippines. Remittances continued to grow in March as more countries eased travel restrictions and reopened borders to foreign workers, the Bangko Sentral ng Pilipinas (BSP) reported Monday. Remittances up 4.9% in March (msn.com)

Remittances, Ghana. Remittances from Ghanaians grew by five per cent from $3.39 billion in 2019 to $5.57 billion in 2020, a World Bank report has said.
This was in spite of the grim economic outlook presented by the COVID-19 pandemic, which affected people’s earnings and the economies of nations worldwide last year. Remittances From Ghanaians Abroad Increase | Social | Peacefmonline.com

Remittances, Nigeria. Pan-African credit rating agency, Agusto & Co has projected that Nigeria’s diaspora remittances will reach $22 billion by 2021, representing a year-on-year (y-o-y) rise of five per cent. Agusto & Co Forecasts $22bn Diaspora Remittances for Nigeria in 2021 | THISDAYLIVE

Remittances, Kenya. Kenya is targetting to collect at least Sh700 billion from over four million Kenyans working abroad, Labour Cabinet Secretary Simon Chelugui has said. Kenya targets Sh700 billion in diaspora remittances annually (the-star.co.ke)

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