OREANDA-NEWS For the fiscal year ended in March 2023-2024, Indian citizens sent a record amount of money transfers from abroad to their country - $ 107 billion. This is reported by TASS with reference to data from the World Bank (WB).

According to this indicator, the republic is the leader in the world for the second year in a row. The five countries that received the largest amounts from their citizens from abroad also included Mexico ($67 billion), China ($50 billion), the Philippines ($40 billion) and Egypt ($24 billion).

The World Bank experts estimated that private Indian transfers almost doubled the volume of net foreign direct and portfolio investments over the same period, which amounted to $54 billion. Indians transferred the most funds to their homeland from the United States, transfers from this country accounted for 23 percent of the total volume. Such large amounts of transfers are due to the fact that a large number of IT specialists from India work in Europe and the USA.

Earlier it became known that in the first quarter of 2024, Russians began to withdraw less money from the country. From January to March, the volume of cross-border currency transfers decreased by $ 388 million and amounted to $ 5.13 billion. They also began to transfer less abroad in rubles — by 14.4 billion rubles (294.4 against 308.8 billion).