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" ... A world with more mobile phones or connected devices than people, is also a world that could flatten the cost of financial transactions such as remittances, the world’s most important international cashflow, to near zero. The cost of physical intermediation, particularly in rural communities who face the double-jeopardy of having to absorb exorbitant transfer fees while having to spend money and time traveling to remittance collection sites - often at the peril of physical harm - is a high price to pay indeed. The compounding effect of these fees and the attendant risks along the way are like a negative drag coefficient on the global economy writ large, and the development agenda in particular. As if the senders of remittances did not face enough challenges with the anti-immigrant sentiments that have gripped many advanced economies, their hard-earned money of which they steadily share a portion with their loved ones in their home countries are largely uninsured by today’s standards. As a result, should ill fortune, death or disability fall upon the remittance sender, it is likely their family and loved ones in their home countries will fall into hardship or poverty as remittances become intermittent or end. ... "
" ... As we have seen over the course of 2020, Central Asian economies with the closest trade, commodity, and remittances relationships with the Eurozone, Russia, and China felt a disproportionate impact from the COVID downturn. OPEC+ production cuts to buoy crude oil prices in tandem with collapsing demand for transportation fuels compounded national revenue shortfalls in hydrocarbon exporters like Kazakhstan and, to a lesser extent, Turkmenistan and Uzbekistan. ... "
" ... Meanwhile in Mexico, retail sales are up around 2% over the previous month, helped by strong remittances from Mexicans living here, and low unemployment in both Mexico and the United States. There has also been a surge of consumer confidence in Mexico with the election of anticorruption, left-of-center nationalist president Andrés Manuel López Obrador on July 1. The consensus is for Mexico's economy to continue apace. ... "
" ... Singapore's Lucky Plaza is one of the main remittance centers in the city-state. On any given Sunday, it is typically packed with foreign workers looking to send money home. During the Covid-19 lockdown, Lucky Plaza was a ghost town. With both Singaporeans and locals confined to their homes, remittances went digital. ... "