Private unrequited transfers

Private unrequited transfers

Resident immigrant workers' remittances to their country of origin as well as, e.g., gifts, dowries, inheritances, prizes, charitable contributions.

Private Unrequited Transfer

A remittance that an immigrant makes to his family or friends in the home country. For example, if a Jordanian immigrates to the United States, he may choose to make private unrequited transfer to his mother back home to help her financially. In some countries, private unrequited transfers from abroad form a significant part of the economy.
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This mainly resulted from higher payments for freight, interest and travel as well as slowdown in the residents' foreign currency deposits reflected in 18.4 per cent decline in the net inflow of private unrequited transfers. As a result of these developments, current account deficit widened from $1.1 billion in 1991-92 to $2.98 billion in 1992-93 and foreign exchange reserves declined by $551 million between end-June, 1992 and end June, 1993.

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