For countless countries in the emerging markets, remittances are a boon to the economy. In some cases, they are a lifeline.
For that reason, the United Nations included in its Sustainable Development Goals – a set of aspirational targets to meet by 2030 – the reduction of transaction costs on migrant remittances. The UN wants them to cost less than 3%, and for remittance corridors with costs higher than 5% to disappear altogether.
The looming crisis in correspondent banking could crush those ambitions.
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