G20 vows to reduce cost of transferring remittances to 5%
Tuesday, November 18, 2014
BRISBANE: Taking concerns of India and other developing countries on board, the G20 today vowed to take “strong practical” measures to reduce the global average cost of transferring remittances to five per cent.
India, which is world’s largest recipient of remittances with $71 billion sent last year, pushed for a reduction in the remittance costs of non-residents at the G20 summit that ended today, asking it to work on steps to reduce costs in sending money home from abroad which is as high as 10 per cent in some countries.
“We commit to take strong practical measures to reduce the global average cost of transferring remittances to five per cent and to enhance financial inclusion as a priority,” the three-page communique released by leaders of the group of 20 major and leading emerging economies said. Prime Minister Narendra Modi was among the participants.