BAKU, Azerbaijan, December 1. Cost of sending remittances to Central Asia slightly increased over the year, Trend reports citing the World Bank's (WB) Remittances Brave Global Headwinds November report.
According to the World Bank Remittance Price Worldwide database, Europe and Central Asia now stands as the second-most expensive region for sending remittances after Sub-Saharan Africa.
"The average cost of sending $200 to Europe and Central Asia rose to 6.4 percent in the second quarter of 2022 from 6.3 percent a year earlier," the WB said.
The World Bank also notes that the highest cost for sending remittances is from Germany to Tajikistan, while the lowest - from Germany to Ukraine.
Meanwhile, as a share of GDP, remittance receipts in Tajikistan and Kyrgyzstan lead regional economies, at 32 and 31 percent respectively, as remittances remain by far the largest source of foreign currency earnings for these countries.