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How remittances prop up our neighbours

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BUSINESS

That is the power of the remittances to low- and middle-income countries, said by the World Bank to have soared by 4.2% to $630 billion (R11 trillion) last year.

In southern Africa alone, remittance inflows from across the world shot up 14.1% to $49 billion last year – with such transactions making up to a quarter of the budgets of countries such as Zimbabwe, Lesotho and Eswatini.

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