Analysis of Monetary Institutions and Space

The role of immigrant remittances in economic growth and development continuous to be an important issue for policymakers and researchers. Remittances represent a sustainable flow of financial resources, predominantly from developed economies to developing economies. They are important resources of foreign exchange earnings for the country of origin. Inflow of remittances affects economic growth positively by reducing current account deficit, improving the balance of payment position and reducing dependence of external borrowing (Igbal and Sttatr, 2005).