The average cost of sending remittances in Egypt decreased slightly during the period from 2015 to 2019, as the average cost ranged from 5.7%, 5.9%, 5.6%, 5.1%, and 4.9%, during the years 2015, 2016, 2017, 2018. , 2019, respectively, and despite this gradual decline, rates are still higher than the target ratios in the tenth goal of the Sustainable Development Goals, which emphasize reducing the transaction costs of migrant remittances to less than 3%.
A report issued by the Central Agency for Public Mobilization and Statistics indicates that globally, banks are the most expensive to send remittances with an average of 8.6%, money transfer companies by 5.8%, and mobile phone companies by 2.8%, but despite the fact that mobile phone companies and money transfer companies It is the least expensive, but it faces increasing obstacles as banks close their accounts at times to reduce the risk of non-compliance with anti-money laundering and terrorist financing standards.
The 2030 Sustainable Development Goals, in "Indicator 10-C-1", dealt with the costs of remittances as a percentage of the sums transferred in the tenth goal "Reducing inequality within and between countries", the aim of which is to reduce the transaction costs of migrant remittances to less than 3%, Eliminate remittance corridors that cost more than 5%.
Sub-Saharan Africa has the highest average remittance costs, reaching about 9.4% and 9.3%, respectively, during the first quarter of 2018 and 2019, and South Asia recorded the lowest average remittance costs at 5.2% and 5%. , During the same time period.
Comments
Post a Comment