Countries like Georgia, Jordan, Pakistan and Morocco recorded a notable acceleration in remittances growth in the first quarter of 2021 compared to the fourth quarter last year, according to Tellimer Research.
There has been a nearly 30 per cent growth in remittances in the first quarter of 2021 to some countries, with money flowing from very different source regions, according to the research note.
“The growth in remittances in 2021 helped provide partial relief from higher commodity import bills and shortfalls in tourism revenues in emerging and frontier markets,” Hasnain Malik, emerging and frontier markets strategy analyst at Tellimer in Dubai and author of the research, said.
In October, the World Bank said remittances would fall 14 per cent by the end of 2021 compared with pre-Covid-19 levels in 2019. The Washington-based lender projected global remittances would decline 7 per cent to $508 billion in 2020 and 7.5 per cent to $470bn in 2021
The World Bank's estimate of a 14 per cent decline in global remittances this year "looks too pessimistic after what we have seen in the first quarter", Mr Malik told The National.
“The drivers [of higher remittances] have been greater use of official remittance channels, with FinTech development and less physical travel, and the tendency of the diaspora to provide help in difficult times to their home communities. But it is surprising that remittance growth has persisted beyond what might have been an initial bump from job losses and repatriation,” he said.
However, remittance flows to certain markets from the same source countries differed in 2021. For instance, growth in remittances to Jordan substantially underperform those to Bangladesh or Pakistan, even though the GCC is the largest source region for all three, according to the research note.
“The sharpest contrast has been between very high growth in remittances to South Asian countries like Bangladesh and Pakistan, compared to the Philippines,” Mr Malik said.
“The GCC is a major source region for both, although North America is even more important for the Philippines."
Nigeria is an outlier, with remittances collapsing by 75 per cent in the first quarter of 2021, 88 per cent in the prior quarter and 71 per cent in full-year 2020, according to Tellimer Research.
The “very large discount” in the parallel rate versus the official one encourages remitters to use undocumented, unofficial channels to transfer money to Nigeria, the Telimer note said.
“It appears that the one-third of Nigerian remitters who hail from the US and Canada and are no longer so easily able to use Bitcoin transfers, because of a regulatory crackdown by the central bank in Nigeria, may have modestly shifted to more official channels, explaining the moderation in year-on-year decline seen in Q1 2021 – while the one-quarter of remitters from neighbouring countries are likely still easily accessing unofficial routes,” Mr Malik said.
Meanwhile, outward personal remittances from the UAE dropped by 5 per cent or Dh8.3bn year on year in 2020, according to the Central Bank of UAE's annual report.
The top three countries for outward personal remittances in 2020 were India, Pakistan and the Philippines, accounting for 33.6 per cent, 11.9 per cent and 6.7 per cent of the total, respectively, the Central Bank said.
Personal remittances declined by 15.6 per cent and 15.3 per cent for India and the Philippines respectively, while increasing by 5.3 per cent for Pakistan, the report added.
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
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GP3 race, 12:30pm
Formula 1 final practice, 2pm
Formula 1 qualifying, 5pm
Formula 2 race, 6:40pm
Performance: Sam Smith
RACE CARD
4.30pm: Maiden Dh80,000 1,400m
5pm: Conditions Dh80,000 1,400m
5.30pm: Liwa Oasis Group 3 Dh300,000 1,400m
6pm: The President’s Cup Listed Dh380,000 1,400m
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
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What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
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Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Company%20Profile
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6pm: Al Maktoum Challenge Round 2 Group 1 (PA) $55,000 (Dirt) 1,900m
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Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
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Transmission: Eight-speed automatic
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Torque: 900Nm @ 1,800rpm
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Label: Warner Records
Number of tracks: 11
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Wins: 28
Wins by KO: 26
Losses: 4
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Bantamweight: Jalal Al Daaja (JOR) beat Hamza Bougamza (MAR)
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Catchweight 65kg: Yanis Ghemmouri (ALG) beat Rachid Hazoume (MAR)
Lightweight: Mohammed Yahya (UAE) beat Azouz Anwar (EGY)
Catchweight 79kg: Souhil Tahiri (ALG) beat Omar Hussein (PAL)
Middleweight: Tarek Suleiman (SYR) beat Laid Zerhouni (ALG)
ENGLAND%20SQUAD
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