Interbank Market News Scan: Payments, remittances; Banks increasing hiring in Hong Kong

Links you should follow ….

Interbank. China Development Bank has issued US$2bn of domestic US dollar bonds in China’s interbank market, its first such issuance in six years, according to a statement on its website. https://www.nasdaq.com/articles/cdb-prints-first-domestic-usd-bonds-in-six-years-2021-06-04

Interbank. The People’s Bank of China, the central bank, has urged commercial banks to abandon the London Interbank Offered Rate for dollar-denominated loans having a floating-rate benchmark. http://global.chinadaily.com.cn/a/202106/03/WS60b82ddca31024ad0bac34a6.html Remittances. Moroccans residing abroad (MREs) have sent back nearly $3.3 billion (MAD 28.8 billion) in remittances in the first four months of the year.  https://www.moroccoworldnews.com/2021/06/342716/morocco-sees-45-3-increase-in-remittances-in-first-quarter-of-2021

Banks. The pace of interest rate hikes by emerging market central banks slowed in May as policy makers in developing nations face uneven economic recoveries from the COVID-19 pandemic.  https://www.reuters.com/article/emerging-rates/graphic-grinding-higher-emerging-market-central-banks-raise-rates-in-may-idUSL5N2NM29S

Banks. If you’ve looked at your savings account statement recently, you may have noticed a lower interest rate than you were expecting. Perhaps as low as 0.06%. This is not a typo. https://www.forbes.com/sites/forbesfinancecouncil/2021/06/04/why-digital-banks-offer-higher-interest-rates-on-savings-accounts/?sh=325769ed6ccc

Banks. Some global banks, funds and other financial services providers say they are stepping up hiring in Hong Kong, in a sign the city’s unique position as a financial gateway to China is outweighing concerns about Beijing’s tightening grip over it. https://www.reuters.com/business/finance/banks-bulk-up-hong-kong-china-business-overshadows-politics-2021-06-03/

Payment systems. The United States’ restaurant delivery marketplace seems like a complex tangle of emerging and incumbent delivery services, technological platforms and payment methods, but it has nothing on Europe’s. https://www.pymnts.com/restaurant-innovation/2021/limonetik-on-how-payment-methods-can-make-or-break-food-marketplaces-international-expansion/

Payment systems. Russia’s central bank governor, Elvira Nabiullina, has said for CNBC that digital currencies will be the future of financial systems, as the economy moves online. https://thepaypers.com/payments-general/the-digital-rouble-could-help-russia-bypass-the-swift-banking-payment-system–1249437

Foreign exchange rates of interest, 30-day trading range; 5 May 2021 to 4 June 2021

Source: OANDA

Currency PairsRates as of 11:20 am AST 4 June 2021Rates as of 10:30 am AST 5 May 2021Percentage Change
XCD/EUR0.30340.3085-1.7%
XCD/GBP0.26190.2664-1.7%
XCD/USD0.37040.3704flat
XCD/CAD0.44730.4548-1.6%
TTD/EUR0.11910.1206-1.2%
TTD/GBP0.10230.1041-1.7%
TTD/USD0.14490.1448flat
TTD/CAD0.17500.1778-1.6%
GYD/EUR0.00380.0038flat
GYD/GBP0.00330.0033flat
GYD/USD0.00460.0046flat
GYD/CAD0.00560.0056flat

For the period 5 May 2021 to 4 June 2021, the Eastern Caribbean saw a continued fall in exchange rates between the European Union (-1.7%); Great Britain (-1.7%); and Canada (-1.6%).  The XCD is pegged to the U.S. dollar and for that reason remained flat.

The Trinidad and Tobago dollar saw its price fall over the same period in terms of the euro (-1.2%); the pound (-1.7%); and the Canadian dollar (-1.6%).  The U.S. dollar price for the TTD remained flat over that period.

The euro, dollar, pound, and loonie rate of the Guyanese dollar remained flat during the 5 May 2021-4 June 2021 period.

Interbank Market News Scan: Eastern Caribbean and Trinidad and Tobago dollars see ups and downs over last 30 days …

Links you should follow …

Trading desks. As Beijing attempts to regulate and suppress the cryptocurrency boom, traders have been evading regulatory oversight by using over-the-counter trading desks. https://www.investing.com/news/cryptocurrency-news/chinese-traders-turn-to-otc-desks-amid-regulatory-crackdown-2519626

Trading desks. A study by UNSW Business School associate professors Elise Payzan-LeNestour and James Doran looked at how ambient sound affects financial traders’ abilities to perceive financial risks.  https://www.financialstandard.com.au/news/how-noise-impacts-trading-performance-179778519

 Interbank. Global financial regulators on Wednesday urged firms to stop using Libor by the end of the year, and said derivatives markets linked to the tarnished interbank rate should switch to “risk free rates” or RFRs compiled by central banks. https://www.reuters.com/article/us-g20-libor-regulator-idUSKCN2DE112

Foreign exchange rates of interest; 30-day range from 2 May 2021 to 2 June 2021

Currency PairsRates as of 10:30 am AST 2 June 2021Rates as of 2 May 2021Percentage Change
XCD/EUR0.30290.3080-1.7%
XCD/GBP0.26100.2679-2.6%
XCD/USD0.37040.3704flat
XCD/CAD0.44630.4551-1.9%
TTD/EUR0.11880.1203-1.2%
TTD/GBP0.10230.1046-2.2%
TTD/USD0.14520.1446+.41%
TTD/CAD0.17500.1776-1.5%
GYD/EUR0.00380.0038flat
GYD/GBP0.00330.0033flat
GYD/USD0.00460.0046flat
GYD/CAD0.00560.0056flat
Source: OANDA

The Eastern Caribbean region saw its foreign exchange rate decrease or remain flat between the European Union, Great Britain, the United States, and Canada.  The Euro price for the Eastern Caribbean dollar fell 1.7% to EUR 0.3029 from EUR 0.3080 on 2 May 2021.  The pound price of an Eastern Caribbean dollar fell 2.6% to EUR 0.2610 from its 2 May 2021 level of EUR 0.2679. The Canada dollar price of the XCD fell 1.9%.

The Trinidad and Tobago dollar was a mixed bag over the same 30-day period.  The Canada dollar price for TTD fell 1.5% from CAD 0.1776 to CAD 0.1750.  The Euro price of the TTD fell 1.2% to EUR 0.1188 from EUR 0.1203. Meanwhile, the pound price of the TTD fell 2.2%.

The price for the Guyanese dollar remained flat over the period 2 May 2021 to 2 June 2021.

Interbank Market News Scan: The Caribbean, foreign exchange, and interdealer …

Links you should follow …

Interbank. The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China’s interbank market, decreased 4 basis points to 2.187 percent Tuesday.  http://www.china.org.cn/china/Off_the_Wire/2021-06/01/content_77540607.htm

Interbank. The Korea Interbank Offered Rates (KORIBOR) as posted by Yonhap Infomax, the financial news and information arm of Yonhap News Agency, at 11:00 a.m. https://en.yna.co.kr/view/AEN20210601004000320

Interbank. Chile’s peso outperformed Latin American peers on Monday as prices for the country’s top export, copper,rose on supply concerns, while the Peruvian sol fell ahead of final round presidential elections on June 6. https://www.reuters.com/article/emerging-markets-latam/emerging-markets-chiles-peso-outperforms-perus-sol-drops-ahead-of-elections-idUSL2N2NI1E4

Interdealer. Dealers saw some buying on the first day of June, perhaps motivated by the Bank of Japan not making any changes to its bond buying plan, but flows in the interdealer market were very light. With no JGB auction or BoJ bond buying operations scheduled for today, the market may be waiting for the US bond market to reopen after yesterday’s Memorial Day holiday and provide near-term direction to JGBs. https://www.nasdaq.com/articles/jpn-govts-close%3A-jgbs-do-little-all-day-interdealer-market-very-quiet-2021-06-01

Foreign exchange. China’s central bank said on Monday that it would raise the amount of money that financial institutions must set aside as reserves for their foreign exchange deposits, in the latest move to curb the yuan’s recent rapid appreciation. https://www.scmp.com/economy/china-economy/article/3135520/chinas-central-bank-moves-slow-yuans-rise-concerns-rise-over

Foreign exchange. The dollar hovered near five-month lows on Tuesday as investors waited for euro zone inflation data and a U.S. manufacturing survey, while the yuan steadied after China’s central bank took steps to limit its appreciation. https://www.cnbc.com/2021/06/01/forex-markets-dollar-us-federal-reserve-british-pound.html

Foreign exchange rates of interest: Eastern Caribbean, Guyana, Trinidad and Tobago …

Currency PairsRates as of 10:30 am AST 1 June 2021
EUR/XCD3.2959
GBP/XCD3.8319
USD/XCD2.7000
CAD/XCD2.2364
EUR/TTD8.1434
GBP/TTD9.4676
USD/TTD6.6710
CAD/TTD5.5257
EUR/GYD245.1550
GBP/GYD285.0200
USD/GYD200.8310
CAD/GYD166.3500
Source: OANDA

Interbank Market News Scan: Substantive revolution. New currency …

The Takeaway …

The only revolution of any consequence is a bottom-up revolution. I’m not talking about changing the ass that sits in a seat in an oval office or legislative branch. Under that scenario you are merely changing personalities that run problematic institutions.

Let’s face it. Most voters don’t want change. Voters are one step above an audience at the Apollo asking for the MC to bring out the hook to cart the current act of stage. That’s not change. That’s merely comic relief.

A bottom-up change means no representative government. It means getting rid of the delusion that everyone has an opportunity merely because they exist. On the contrary, bottom up means each household is forced to create their own economic value and trade it with households that generate their own independent economic value.

Whereas under the current corporate-capitalism model, a small handful of investors create a business model and hire you to conduct some limited task that expires when that handful of investors deems it expired, it is the individual household, the one that masters technology and serves the needs of other value generating households, that controls its economy by trading goods and services that it creates.

No top-down control. Bottom up and horizontal. An organic system that weeds out those whose only claim to economic fame is due to a corporation giving them a job or some government institution bailing them out in exchange for a vote.

The bottom-up system, fortunately, is already here. Nascent, yes, but emerging steadfastly and preparing to wipe out, without mercy, those who hope that whiny calls for how much their lives matter can guarantee them a few more safety pins for their diapers.

The writing has been on the wall. The ink is beginning to dry.

For the independent, “severe libertarian” types, it will be business as usual. They have always understood that building “wealth” on a phony fiat currency has never been the way to go and that leveraging a bottom-up revolution means controlling and issuing a currency that is substantive.

No. This revolution won’t be televised …. but won’t be a surprise.

Links you should follow …

Interbank. China’s interbank money market transactions shrank in April, with the transaction volume declining 22.19 percent year on year to stand at 95.5 trillion yuan (about 14.9 trillion U.S. dollars), according to the People’s Bank of China (PBOC). http://www.china.org.cn/china/Off_the_Wire/2021-05/29/content_77535245.htm

Interdealer. EU antitrust regulators on Friday fined the world’s largest interdealer broker ICAP 6.45 million euros ($7.9 million) for taking part in several yen interest rate derivatives https://www.reuters.com/article/us-eu-icap-cartel-idUSKCN2D9143

Foreign exchange. Zambia’s central bank increased the amount of foreign exchange that people can buy or sell daily in an effort to draw business away from the parallel market, Governor Christopher Mvunga said. https://www.bloomberg.com/news/articles/2021-05-27/zambia-lifts-foreign-exchange-limits-to-counter-parallel-market?sref=oriheOus

Remittances. With the rebound in economic growth, remittances to low-middle-income countries will increase 2.6 percent in 2021 to 553 billion dollars, the World Bank informed today. https://www.plenglish.com/index.php?o=rn&id=67893&SEO=global-economic-rebound-will-increase-remittances

Remittances. The Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel Chairman Mian Anjum Nisar has expressed the hope that Pakistan would receive record remittance inflows of up to $29 billion this year, as the government and central bank initiatives to facilitate overseas workers have started giving positive results amidst worldwide corona epidemic challenges. https://www.brecorder.com/news/40096468/remittances-only-hope-to-support-account-balance

Banks. Tensions between Deutsche Bank and the Federal Reserve are rising.  In recent weeks, the Fed has told Deutsche Bank to address flaws in its anti-money-laundering controls, according to a report by the Wall Street Journal. https://www.msn.com/en-us/money/markets/the-fed-is-reportedly-weighing-fines-for-deutsche-bank-over-the-banks-insufficient-anti-money-laundering-controls/ar-AAKxBBT

Interbank Market News Scan: Canada sees no rush to issue a central bank digital coin …

Links you should follow ….

Foreign exchange. Luis Costa outlines commodity currencies that he is trading. This strategist outlines which currency commodities he’s trading (msn.com)

Foreign exchange. The Bank of Canada is thinking in more concrete terms about how its digital currency might look and work but it does not currently see a strong case for issuing one, a deputy governor said on Wednesday. Bank of Canada does not see currently see strong case for issuing digital currency | Nasdaq

Foreign exchange. After more than a year of slumber, investors are preparing for currency volatility to come roaring back to life. Currency FX Volatility Set for a Comeback on Looming Policy Shifts – Bloomberg

Foreign exchange. A dovish Federal Reserve and accelerating growth abroad are weighing on the dollar, a move that could be a boon for stocks and other assets. Analysis-Floundering dollar falls to bottom of global currency heap (msn.com)

Foreign exchange, cryptocurrency. ‘Bitcoin isn’t even a reliable hedge for risk-off events, let alone inflation shocks. It’s actually highly pro-cyclical…In difficult times, crypto assets don’t go up; they go down.’— Nouriel Roubini. Bitcoin isn’t a currency or financial asset, but ‘looks like a bubble’: Roubini (msn.com)

Foreign exchange rates of interest …

Changes in currency tails comprised of the euro, US dollar, and Canadian dollar and currencies out of the Eastern Caribbean, Dominican Republic, Haiti, and Jamaica remained relatively flat over the last 24 hours. Any tightening of rates on the part of major central banks is expected to have a significant impact on Caribbean currencies thus the purchasing power and cost of remittances sent back to the Caribbean.

Currency PairsRates as of 12:00 pm AST 27 May 2021Rates as of 10:45 am AST 26 May 2021
EUR/XCD3.30073.3055
USD/XCD2.70002.7000
CAD/XCD2.22492.2402
EUR/JMD182.7800181.2040
USD/JMD147.9460148.0130
CAD/JMD122.3780122.8050
USD/DOP56.479956.4454
USD/HTG88.663488.6591
Source: OANDA

Interbank Market News Scan: American bank CEOs squaring off with Senate banking committee at 10:00 am EST

Links you should follow …

Banks.  Chief executives of the six largest U.S. banks will testify in Congress Wednesday on oversight topics that include their response to the COVID-19 pandemic, diversity efforts and cryptocurrencies. CEOs of 6 biggest U.S. banks to testify in Senate about COVID-19 moves, culture – UPI.com

Central banks. New Zealand followed in the footsteps of Canada to flag a potential interest-rate increase next year as central banks begin to tip toe away from their emergency monetary settings. Slowly But Surely, Central Banks Are Signaling Policy Shifts – Bloomberg

Banks. Wells Fargo & Co. has invested in The Harbor Bank of Maryland and a Washington, D.C., institution as part of a 2020 plan to commit $50 million to Black-owned banks around the country. Wells Fargo & Co. invests in The Harbor Bank of Maryland in commitment to Black-owned banks – Baltimore Sun

Central banks. Regional Federal Reserve Banks are taking an increasingly “alarming” stance on politically charged issues like racial justice, according to Sen. Pat Toomey, a Republican from Pennsylvania who is the ranking member of the Senate Banking Committee. Wokeness at Fed’s regional banks puts central bank independence at risk | Fox Business 

Banks. Bitcoin’s price has continued to fluctuate, falling by $3,000 in a matter of hours, with big banks divided on how to approach the cryptocurrency. Bitcoin Price Rollercoaster Continues as Banks Unsure How to Approach the Crypto (msn.com)

Central banks. Eric Robertsen of Standard Chartered Bank sees some upside for commodity currencies with inflation rising. He doesn’t expect the Fed to have any “concrete announcement” on tapering before September. A few G10 central banks will ‘dial back’ bond purchasing programs later this year: Standard Chartered (msn.com) Payment systems. Commercial and central banks across the world are now using blockchain technology for payment processing and issuing of their digital currencies. The technology enables cross-border payments that are less expensive and faster as compared to traditional systems. Rapid Demand for Digital Payment Systems Being Fueled by Increasing Market Growth In Blockchain – MarketWatch

Foreign exchange rates of interest …

Currency PairsRates as of 10:45 am AST 26 May 2021
EUR/XCD3.3055
USD/XCD2.7000
CAD/XCD2.2402
EUR/JMD181.2040
USD/JMD148.0130
CAD/JMD122.8050
USD/DOP56.4454
USD/HTG88.6591
Source: OANDA

Interbank Market News Scan at 2:45 pm GMT

Links you should follow …

Interbank, interdealer. Interbank trading activity accounted for more than 80% of the US$3.1trn in interest-rate derivatives that left the UK for the US and the European Union in the wake of Brexit, according to IFR calculations using IHS Markit data. Interbank trading drives post-Brexit swap migration | IFR (ifre.com)

Interbank, interdealer. Paul Houston, Global Head of FX Products, CME Group, recently caught up with Traders Magazine to discuss the drivers causing change in the FX derivatives market, what CME Group has been doing to alleviate the pain points from these changes, and the exchange’s future plans.  FX Futures and Options Innovation in Focus – Traders Magazine

Interbank, interdealer. US exchange group ICE has invested in FinTech and municipal bond network BondLink to develop infrastructure servicing in the $4 trillion market. ICE invests in US municipal bond network BondLink (thetradenews.com)

Interbank, China. The following are the central parity rates of the Chinese currency renminbi, or the yuan, against 24 major currencies announced on Monday by the China Foreign Exchange Trade System. Market exchange rates in China — May 24 – China.org.cn Interbank, Pakistan. The Pakistani rupee depreciated 34 paisas against the United States (US) dollar in the interbank currency market on Monday. Rupee weakens against US dollar (arynews.tv)

Foreign exchange rates of interest …

Currency PairsRates as of 2:45 pm GMT 24 May 2021Rates as of 1:43 pm GMT 21 May 2021
GHS/EUR0.14150.1417
GMD/EUR0.01590.0159
NGN/EUR0.00200.0020
SLL/EUR0.00010.0001
KES/EUR0.00770.0075
RWF/EUR0.00080.0008
ZAR/EUR0.05870.0584
MZN/EUR0.01360.0136
XCD/EUR0.30400.3035
Source: OANDA

Interbank Market News Scan : A thought on creating an Afro-American currency …

My morning takeaway …

I think a currency should reflect the reality of the relationship between two distinct political economies that reside under a single flag.  I am specifically concerned with two groups under the American flag: Afro-America and the Virgin Islands of the United States.  Neither group have been fully incorporated into the American political economy.  There is only a 47-year difference between their starting attempts at incorporation into the United States with Afro Americans, at least on the surface, holding a lead in political-economic corporation due primarily to their physical presence in the contiguous United States, their 43 million population, and thus greater access to political channels.

Both Virgin Islanders and the Afro-American community have disproportionately higher poverty rates, lower incomes, and higher unemployment rates than their white American counterparts.  Both communities suffer from a dearth of capital and lack productive capacity, for now, through which they could independently sustain themselves.  Their banking markets are, like the rest of the United States, subject to the Federal Reserve, and the lip service of the Fed’s community development initiatives and the Community Reinvestment Act of 1977.

A priori, neither community draws the attention of family offices, hedge funds, investment banks, or individual trading desks in search of margin that supports any trade, including foreign exchange.  This is due primarily to both communities not having sufficient pooled natural and human resources upon which a currency (value or “energy”) can be calculated and leveraged.

Then again, under a credit creation theory of banking, this may not matter where credit, money, margin, are created out of thin air … but more on that at some other time.

In the mean-time I thought it would be interesting to add two proxy foreign exchange rates reflecting the currency of the Virgin Island (USVI) and Afro-American (AfAM) communities.  It is my endeavor, amongst too many others, to develop them in the near future …

20 May 2021

Currency PairsRates as of 2:00 pm GMT 20 May 2021Rates as of 12:44 pm GMT 19 May 2021
GHS/EUR0.14180.1419
GMD/EUR0.01610.0159
NGN/EUR0.00200.0020
SLL/EUR0.00010.0001
KES/EUR0.00750.0076
RWF/EUR0.00080.0008
ZAR/EUR0.05830.0584
MZN/EUR0.01370.0137
XCD/EUR0.30330.3033
USVI/USD0.00010.0001
AfAM/USD0.10000.1000
Source: OANDA, Alton Drew

Links you should follow …

Banks.  Three of the biggest US banking groups want the US Department of Agriculture to reconsider the terms of billions of dollars in planned debt relief for minority farmers, claiming it will cut into banks’ profits — and warn they may have to cut those same farmers off from future loans.  Banks say USDA’s debt forgiveness for minority farmers will cost them money and could affect future loans. Black farmers call that a threat. (msn.com)

Banks. Australian stocks closed higher on Thursday, marking their steepest rise in nearly two weeks, due to gains in tech and banking stocks and upbeat employment data.  Australian shares see best day in nearly 2 weeks on jobless data, banks boost | Nasdaq

Banks. In an effort stemming from the murder of George Floyd and at the behest of a Connecticut state official, a who’s who of financial institutions on Tuesday promised to address the effects of racial disparities in financial services by investing billions of dollars to support Black and Latinx communities. A state treasurer convinced big banks to commit billions of dollars to tackle racial inequities. This is the result. (msn.com)

Banks. Mike Mayo, Wells Fargo Securities senior banking analyst, joins ‘Power Lunch’ to discuss the competition banks could be facing from fintech, the future of bank branches and more. Banks are headed toward record efficiency, says Wells Fargo’s Mike Mayo (msn.com) Banks, central banks, digital currency. Can crypto benefit central banks? 3 ways digital currencies backed by central banks could benefit the global economy, according to Fitch (msn.com)

Central banks. The Bahamas became a global leader in e-money last year when it launched one of the world’s first central bank digital ­currencies—the “sand dollar”—beating China’s “digital renminbi” to the market by six months. How the Tiny Bahamas Beat Global Giants in the E-Currency Race (msn.com)

Interbank Market News Scan: If currency reflects value, Europe buys Africa on the cheap ….

My morning takeaway …

The value of a currency is determined by changes in supply and demand; the demand for Treasury notes denominated in the base currency; and the amount of the base currency held in reserve by foreign central banks.  The greater the amount of base currency held by foreign central banks, the lower the supply of the term currency, thus the higher the term currency’s price.

In the table below, the base currencies are on the left of the slash mark, the African currencies. The term currency, in the case the euro, is on the right of the slash.  So, today one Ghanaian cedi (GHS) is priced at 0.1419 euros.

At first blush it is tempting to consider the low euro price as a bad thing.  Yes, currency represents a country’s economic value and given these low absolute euro values a reader may feel despondent that Europe looks apparently with low favor on the African continent.  They would not be wrong.  The African continent has long been Europe’s supplier of resources with a well-documented imbalance in the relationship.

Coming terms with the imbalance should include African central banks and national governments taking fiscal and monetary actions to drive up their currency values.  The continent has taken small but important steps toward doing so with the creation of the African Continental Free Trade Area (AfCFTA) which went into effect last January.  The 54 signatories to the agreement hope that removing non-tariff barriers to trade, elimination of 90% of tariffs on internal trade, and the facilitation of the movement of human capital between nations will go far in stemming its move from the current colonial model and, in the words of Wamkele Mene, the AfCFTA secretariat, move Africa away from being a provider of commodities with final goods being processed elsewhere.

With a little resilience and focus, the Continent will get there and Europe will have to take another look at how she evaluates Africa’s value…

19 May 2021

Currency PairsRates as of 12:44 pm GMT 19 May 2021Rates as of 19 April 2021
GHS/EUR0.14190.1437
GMD/EUR0.01590.0162
NGN/EUR0.00200.0022
SLL/EUR0.00010.0001
KES/EUR0.00760.0077
RWF/EUR0.00080.0008
ZAR/EUR0.05840.0584
MZN/EUR0.01370.0135
Source: OANDA

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

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

Links to follow …

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)