Is there a link between oil prices and remittances?

May 11, 2016

A worker walks past a pump jack on an oil field owned by Bashneft company near the village of Nikolo-Berezovka, northwest from Ufa, Bashkortostan, January 28, 2015. New European Union sanctions against Russia could include further capital markets restrictions, making it harder for Russian companies to refinance themselves and possibly affecting Russian sovereign bonds and access to advanced technology for the oil and gas sectors, EU officials said on Wednesday.

Two World Bank reports point to a possible link between the fall in oil prices and the drop in global remittances. Image: REUTERS/Sergei Karpukhin

Donna Barne

Corporate Writer, World Bank

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Commodity price indexes and crude oil price for 2016

Image: World Bank

Remittance outflows from Russia are closely related to the oil price, but those from GCC countries are not

Image: World Bank

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