Global: Remittance flows to developing countries exceed $350 billion in 2011

Officially recorded remittance flows to developing countries are estimated to have reached $351 billion in 2011, up 8 per cent over 2010. For the first time since the global financial crisis, remittance flows to all six developing regions rose in 2011. Growth of remittances in 2011 exceeded our earlier expectations in four regions, especially in Europe and Central Asia (due to higher outward flows from Russia that benefited from high oil prices) and Sub-Saharan Africa (due to strong south-south flows and weaker currencies in some countries that attracted larger remittances).