Explanation

The International Day of Family Remittances (IDFR) is observed on 16 June every year. It recognises the importance of over 200 million migrant workers who send money home. According to the United Nations, over 800 million people receive money as foreign remittances from their loved ones. According to the World Bank, remittances to low- and middle-income countries (LMICs) will reach a record USD 630 billion this year.