International Family Remittance Day
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Where is International Family Remittance Day observed?
The day is observed by people around the globe to highlight the important role family remittances play.
The United States was considered the leading source country for formal remittances in 2020. The expense of transfer costs across global lines stayed high, at around 6.4% in the first quarter of 2021.
Who is International Family Remittance Day observed by?
This day recognizes the importance of the money sent back home and thus marks the crucial role played by migrant workers.
When did International Family Remittance Day first start?
International Family Remittance Day was first observed on June 16, 2015. It was introduced as a form of respect to migrant workers, who send cash transfers to their families and start a global discussion on this issue.
Who started International Family Remittance Day?
The UN started the International Family Remittance Day. The United Nations General Assembly settled the International Day of Family Remittances (IDFR) to be marked on June 16.
The IDFR recognizes almost 200 million migrant workers, including people who transfer funds home to more than 800 million friends and family.
History And Timeline
The International Family Remittances Day occurs every June 16. The concept is that this day inspires people to share love, support, and help their loved ones in their home countries. Remittances are financial transfers of funds or resources from migrant workers or organizations in one country to recipients in another.
Decline In Global Remittances
Global remittances have sharply declined by 20% in the year 2020 due to COVID-19.
April 22, 2020Moldova's Remittance Dependence
Moldova is a European country heavily dependent on remittances. In 2020, it made up 15% of its total GDP.
2020$83 million Remittances to India
A report states that remittances in India fell by 0.2% in 2020. At that time, India received about $83 billion in remittances to tackle the problems of developing countries faced by COVID-19. In the same year, China received over $59.5 billion in average remittances.
May 2021Outward Remittances In India
Under the Liberalized Remittance Scheme (LRS), all local communities received over $250,000 every year. According to recent surveys by RBI, Indians remitted $9 billion, countered by COVID-19.
November 2021Masks From Remittances
A person from Singapore used a customer's identification and remittances collected during the day to buy essential products, including 40-50 masks for his own use.
January 2022Traditions And Customs
The International Day of Family Remittances (IDFR) is observed on June 16.
This day was established in 2015 to encourage global recognition of the importance of remittances and enable member states and relevant organizations to promote global awareness through various means, including celebration, education, and financial incentives. Digital financial services provided great relief to civil society during the global crisis.
Every year, there are themes that are chosen and discussed to raise awareness about this problem.
Ways To Observe International Family Remittance Day
Lend money to people who cannot afford their living or are facing a crisis during a pandemic. Help by raising money for a charity through a local event, such as a fundraising dinner. Recognize the family members of international workers and others in need by sharing their personal stories on social media.
Facts And Stats
- In 2019, 200 million migrant workers sent about $554 billion to their family members in their home country, highlighting the importance of this day.
- This day highlights objective number 20 in the Global Compact for Safe, Orderly, and Regular Migration, which aims to reduce transfer costs for families in rural areas and also make financial inclusion a priority.
- Supporting the cause highlighted by this day, GSMA's survey reports a hike of 65% in mobile remittances during 2020, highlighting the importance of digital and financial inclusion.
- GSMA's research report states that mobile money transfers bring down the transfer costs, leading to the achievement of SDG 10 of removing inequalities.
Why is International Family Remittance Day observed?
This day highlights the contributions of money sent by migrant workers to their families.
What is the meaning of family remittances?
According to the World Bank, family remittances are the sum of money sent by immigrants back to family members in their home country.
How do remittances help families?
Remittances usually underwrite basic household needs and requirements for many families.
What are the limitations to observing International Family Remittance Day?
There are no limitations to observing the day, but remittance flow is affected by global crises.
Who encouraged the observance of International Family Remittance Day?
United Nations General Assembly began the observance of International Family Remittance Day.
When Is This Day Celebrated
- Tuesday, June 16, 2020
- Wednesday, June 16, 2021
- Thursday, June 16, 2022
- Friday, June 16, 2023
- Sunday, June 16, 2024
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