World Bank expects remittance flows to MENA to rise by 4.3% in 2024

Updated 7/2/2024 8:39:00 AM
World Bank expects remittance flows to MENA to rise by 4.3% in 2024

Arab Finance: The World Bank expects remittance flows to the Middle East and North Africa (MENA) region to see a moderate increase of 4.3% in 2024 to $58 billion, according to the international financial institution’s latest Migration and Development Brief report.

The bank ascribed this anticipated increase to the recent devaluation and rate hikes in Egypt, the completion of the International Monetary Fund (IMF) reviews, and investments from the UAE.

Furthermore, the bank projects remittance flows to the region to rise by 5.5% in 2025 to $61 billion.

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