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Remittances Can Act as Drag on Development

July 25, 2013

A money changer in Manila. Remittances are a major source of foreign currency for countries like the Philippines (photo: Ranoco /Corbis)

If you are one of the hundreds of thousands of people who send money abroad to friends and relatives, beware!  You may be doing as much harm as good, suggests one IMF economist.  Although these remittances can be a lifeline for families, they can also undermine economic growth. 

Ralph Chami, IMF, Middle East and Central Asia Department