In the past year, which of the following is true about remittances?(1 point)
Responses
Remittances in 2021 decreased as migration decreased.
Remittances in 2021 decreased as migration decreased.
Remittances decreased due to the switch away from a cash system.
Remittances decreased due to the switch away from a cash system.
Remittances increased in 2021 due to digitally based systems.
Remittances increased in 2021 due to digitally based systems.
Remittances increased in 2021 because costs increased.
Remittances increased in 2021 due to digitally based systems.
Based on the given options, the true statement about remittances in the past year is:
Remittances increased in 2021 due to digitally based systems.
To determine which of the given statements is true about remittances in the past year, we can analyze each option and consider the factors that may have influenced remittance trends.
1. "Remittances in 2021 decreased as migration decreased."
To verify this statement, we need to examine the relationship between remittances and migration. If there was a decrease in migration during 2021, it might have affected the amount of remittances being sent. It is possible that if people were not migrating to other countries for employment or other reasons, then the remittance flows could have decreased alongside migration. In this case, remittances might have decreased as migration decreased. However, it's crucial to note that this statement is the same as the first statement provided, so it cannot be the correct answer.
2. "Remittances decreased due to the switch away from a cash system."
This statement suggests that if there was a shift from a cash-based system to other forms of remittances, such as digital transfers or online platforms, it might have caused a decrease in remittances. However, without more information regarding the specific context and trends in remittance sending habits, we cannot conclude that this statement is true.
3. "Remittances increased in 2021 due to digitally based systems."
This statement suggests that the use of digitally based systems for remittances resulted in an increase in the overall remittance volume during 2021. To verify this claim, we would need to examine data on the adoption of digital remittance platforms, the convenience and efficiency they offer, and whether such platforms experienced growth during the specified timeframe in remittance volumes. If there is evidence to support this claim, it could be the correct answer.
4. "Remittances increased in 2021 because costs increased."
This statement implies that the increase in remittances during 2021 was driven by increased costs. To determine the accuracy of this claim, it is necessary to evaluate if any significant cost-related factors could have influenced remittance flows, such as changes in fees charged by remittance service providers or regulatory changes affecting transfer costs. Without more information, we cannot conclusively determine if this statement is true.
In conclusion, after analyzing the given statements, it can be inferred that the third statement, "Remittances increased in 2021 due to digitally based systems," seems to be the most likely true statement based on the increasing adoption of digital remittance platforms and their potential impact on remittance volumes.