migrants' remittances

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Money sent by migrant workers in foreign countries to their former homes. These remittances have three main purposes: to maintain family members still in their old homes; to assist family members to join the migrants in their new homes; and to prepare the way for their own return to their native countries, to retire or set up a business. Migrants' remittances form part of the invisibles section of the balance of payments on current account, in some countries an important part.

Subjects: Economics.

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