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Remittances to Developing Countries Rise

According to the World Bank, remittances to the developing world will rise 6.3 percent, which about $414 billion. Out of the estimated $414 billion, $131 billion will flow to India and China. Weakness in the U.S. economic is slowing remittance rates to Latin America, especially Mexico.  Slowing in the rupee is causing a lot of Indian citizens overseas to increase remittance and take advantage of the cheaper goods at home. The projected remittance rate for India for 2013 is $71 billion, which tops the list of recipient countries.