Remittance inflows to Rwanda decreased by 16 per cent in March from Rwf22.5 million, according to the latest data from the National Bank of Rwanda (BNR).
On April 22 the World Bank predicted that remittances to low and middle-income countries would see the sharpest decline in recent history this year, falling by 19.7 per cent to around $445 billion, compared to $554 billion in 2019.
David Malpass, the President of the World Bank Group, said in a statement released on April 22 that remittances are a vital source of income for developing countries.
In May this year, the World Bank Group predicted a drastic drop in remittances based on projections of a fall in the wages and employment of migrant workers, who tend to be more vulnerable to loss of employment and wages during an economic crisis in a host country.
Remittances to low and middle-income countries (LMICs) was projected to fall by 19.7 per cent to $445 billion, representing a loss of a crucial financing lifeline for many vulnerable households.
