Record high remittances of $14 bln sent to Ukraine in 2018 – World Bank

Thus, Ukraine has become the largest remittance recipient in Europe and Central Asia, according to a report posted on the World Bank’s website.

“Ukraine, the region’s largest remittance recipient, received a new record of more than $14 billion in 2018, up about 19 percent over 2017,” reads the report.

In terms of remittance flows, Ukraine was ahead of the Kyrgyz Republic, Tajikistan, Uzbekistan, and Russia.

“This surge in Ukraine also reflects a revised methodology for estimating incoming remittances, as well as growth in neighboring countries’ demand for migrant workers,” reads the report.

In general, remittances to Europe and Central Asia reached $59 billion in 2018, an increase of 11% compared with 2017.

“Among countries, the top remittance recipients were India with $79 billion, followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion),” reads the report.

In general, officially recorded annual remittance flows reached $529 billion in 2018, an increase of 9.6% compared with in 2017.

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