Declining Dollar Hurts Remittance Recipients Abroad

As the value of the dollar continues to decline relative to other currencies, some of those most affected don’t even live in the United States. Instead, they are citizens of developing countries who receive remitted dollars from family and friends working abroad. For them, the weakening dollar is particularly crippling because it either converts into less local currency or, for those in countries with pegged currencies, can’t keep up with local inflation. It’s a situation roughly similar to American travelers in Europe discovering that it now costs $4.77 for a Big Mac, whereas a year and a half ago the […]