In the first quarter Treasury bulletin released on Thursday, the Ministry of Finance revealed that diaspora remittances had gone down to $180, from $193 million in the corresponding period last year. The Ministry attributed the decline to a depressed global economy. Diaspora remittances are a major source of foreign currency for the country.
Part of the bulletin reads:
The decline in diaspora remittances is partly attributed to the sluggish performance of the global economy as well as errors and omission arising from conduct of remittances through informal channels
However, the Ministry expects the remittances to pick up as it is projecting $1,2 billion in 2017 compared to $870 million in 2016.
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