Question : ___________ is the process of transferring funds from one country to another.
Option 1: Foreign exchange
Option 2: Remittance
Option 3: Import-export
Option 4: International trade
Correct Answer: Remittance
Solution : The correct answer is (b) Remittance
Remittance refers to the process of transferring funds from one country to another, typically by individuals who are working or residing in a foreign country sending money back to their home country. Remittances are usually sent by migrant workers to support their families or for investment purposes in their home country.
Remittances play a significant role in the global economy, contributing to economic development and poverty reduction in many countries. They serve as an important source of income for receiving families and can contribute to investment, education, healthcare, and other expenses. According to the World Bank, remittances are a vital source of external financing for many developing countries.
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