International Day of Family Remittances 2022 Date & Theme: Know History, IDFR Aim And Significance of The Occasion Related To Migrant Workers

International Day of Family Remittances is an annual observance which raises awareness of the role that migrants play in the development of their communities of origin. International Day of Family Remittances 2022 will be celebrated on June 16. This day was adopted by the United Nations General Assembly in an effort to make migrants more welcome and respected in all communities. The work that they do is crucial in building any country, and the International Day of Family Remittances helps people remember just that. As we prepare to celebrate International Day of Family Remittances 2022, here is everything you need to know about this day, how to celebrate IDFR and more. RBI Gives Approval to Fino Payments Bank's International Money Transfer Service.

When Is International Day Of Family Remittances 2022?

International Day of Family Remittances 2022 will be celebrated on June 16. This observance falls on the same date every year and was proclaimed by the United Nations General Assembly in Rome, in 2015. This day recognises that more than 200 million migrant workers, women and men, send money home to over 800 million family members.

Theme Of International Day of Family Remittances 2022

This year the United Nations is continuing last year's theme for the annual occasion which is 'Recovery and resilience through digital and financial inclusion.

Significance And History Of International Day of Family Remittances

Remittance is an important marker of the economic growth and well-being of a community as it gives a clear picture of the earnings of migrants who send back money to their families. Steady growth in remittances is often considered synonymous with the continued employment as well as economic growth and stability of migrants. In recent times, especially in 2020 and 2021, the number of remittances sent saw a stark decrease due to the continued spread of the pandemic. As things are slowly going back to normal, IDFR 2022 is sure to help the United Nations truly gauge if migrants have chosen to go back to work or returned to their homeland.

A May 2021 report by the World Bank reveals a drop in remittances of only 1.6 per cent in 2020, to US$ 540 billion from US$ 548 in 2019. In 2021, remittance flows grew even further, reaching US$ 605 billion sent to low- and middle-income countries (World Bank, 2022). These are the factors that are studied and their causes are understood by the observance of such days. It is important to note that while some aspects of the study do seem gloomy, 2020-2021 also saw a massive boost in the digitalisation of remittances with over 65% of remittances being sent via mobile.

(The above story first appeared on LatestLY on Jun 16, 2022 09:08 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).