Comoros: surprise increase in diaspora money transfers

The main market, Volo Volo, in Moroni, Comoros (illustration photo). RFI / Anne Cantener

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Comorians in the diaspora have been particularly generous since the start of the Covid-19 pandemic. Money transfers increased by a third over the first five months of the year, compared to last year, according to the Central Bank of the Comoros. An unexpected increase while financial institutions generally fear a drop in money transfers to Africa.

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It is a divine surprise for the Comorian authorities. According to the Central Bank, money transfers from the diaspora amounted to 74 million euros in the first five months of the year, compared to 56 million euros last year. A rise of a third in the middle of a pandemic , which the governor of the Central Bank attributes to the "  traditional solidarity  " of the Comorians.

The archipelago of 800,000 inhabitants has a diaspora of 300,000 people, whose generosity is essential to local economic life . Diaspora transfers represent around 20% of national wealth and constitute the country's primary source of foreign exchange.

The pandemic having interrupted many activities in the Comoros, starting with tourism, it would seem, according to the authorities, that the diaspora wanted to compensate for the fall in income. Especially since due to the health crisis, many expatriates will not return to the Comoros for the summer holidays. But it is still difficult to say whether the Comorian example will be repeated in other countries.

Two months ago, the World Bank predicted a 23% drop in money transfers to Africa this year due to the drop in activity in the countries where the different diasporas live.

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  • Comoros
  • Diaspora
  • Coronavirus

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