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A money changers shop displays a picture of a British banknote and the Euro in New Delhi, India June 24, 2016 [Representational Image]Reuters
  • India received about $69 bln remittances last year
  • Indian remittances were still short of $70.4 bln received in 2014
  • Global remittances rebounded 7 percent to $613 bln in 2017

Indian diaspora continues to send the largest amount of money to family back home, according to the World Bank.

India received a total of about $69 billion remittances last year by its diaspora and was followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion) and Egypt ($20 billion), the World Bank said on Monday.

Remittances to India picked up sharply by 9.9 percent, reversing the previous year's dip, but were still short of $70.4 billion received in 2014.

Global remittances rebounded 7 percent to $613 billion in 2017, from $573 billion in 2016, driven by higher oil prices and a strengthening of the euro and rouble, World Bank said.

"The overall recovery in remittances is better than we expected. It is driven by stronger growth in the European Union, the Russian Federation, and the United States," the bank said in a statement.

"The rebound in remittances, when valued in U.S. dollars, was helped by higher oil prices and a strengthening of the euro and ruble."

The upsurge is likely to continue into 2018 on the back of stronger economic conditions in advanced economies (particularly the U.S.) and an increase in oil prices that should have a positive impact on the GCC countries.

The largest outflows were from the U.S. at $67 billion and Saudi Arabia at $38 billion, based on 2016 data.

The top destinations for remittances from the U.S. -- which has led the world in remittances for 35 years -- are Mexico, China, India, the Philippines and Vietnam.

Remittances to the Middle East and North Africa grew 9.3 percent to $53 billion in 2017, driven by strong flows to Egypt, in response to more stable exchange rate expectations.