<div style="text-align: justify; "><b style="font-size: 1rem;">Cash transfers to low- and middle-income countries eased this year, with rising prices taking a toll on migrants' incomes, the World Bank said Wednesday.</b><br></div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Remittances to lower-income countries rose around five percent to $626 billion, lower than the 10.2 percent jump in 2021, the bank added in a report.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">While the reopening of economies as the pandemic receded helped with employment, rising costs "adversely affected migrants' real incomes," the Washington-based development lender said.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">And in 2023, the increase of such remittance flows is projected to slow further to two percent, as GDP growth in wealthier countries moderates.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">"Downside risks remain substantial, including a further deterioration of the war in Ukraine, volatile oil prices and currency exchange rates, and a deeper-than-expected downturn in major high-income countries," said the World Bank in its report.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Meanwhile, rising oil prices and continued demand for migrant workers boosted remittances to Central Asian countries, while the ruble's appreciation against the US dollar translated into higher value of outward transfers.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">But in Europe, a weaker euro had the opposite effect, the report said.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">In Ukraine, remittance growth is pegged at two percent, lower than earlier estimates "as funds for Ukrainians were sent to countries hosting them, and hand-carried money transfers likely increased," the bank added.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Meanwhile, India is on track to receive over $100 billion in yearly remittances in 2022. AFP</div><div style="text-align: justify;"><br></div><div style="text-align: justify; ">bnbd24/kh</div>