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According to a report by KNOMAD and the World Bank, India was the largest recipient of remittances in Asia in 2020. Remittances to the Bollywood nation totaled US$83.1 billion, or Rp 1,188.3 trillion at an exchange rate of Rp 14,300/USD.
China followed, receiving remittances of US$59.5 billion, or Rp 850.9 trillion. The Philippines ranked third with remittance receipts of US$34.9 billion, followed by Pakistan with US$26.1 billion. These amounts are equivalent to Rp 499.1 trillion and Rp 373.2 trillion, respectively.
Indonesia ranked seventh in Asia with remittance inflows of US$9.7 billion, or Rp 138.7 trillion in 2020. Indonesian remittances fell by 17.3% due to its dependence on inflows from Saudi Arabia and Malaysia, which also decreased by 21.3% and 16.8%, respectively.
Remittance flows in the East Asia and Pacific region were projected to decline by 7.9% in 2020, resulting in a total value of approximately US$136 billion, or Rp 1,944.8 trillion, last year.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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