In the past year, which of the following is true about remittances?(1 point)
Responses

Remittances increased in 2021 because costs increased.
Remittances increased in 2021 because costs increased.

Remittances increased in 2021 due to digitally based systems.
Remittances increased in 2021 due to digitally based systems.

Remittances decreased due to the switch away from a cash system.
Remittances decreased due to the switch away from a cash system.

Remittances in 2021 decreased as migration decreased.
Remittances in 2021 decreased as migration decreased.
Based on the given options, the correct statement is: "Remittances increased in 2021 due to digitally based systems."
To determine which of the following statements is true about remittances in the past year, we need to analyze each option:
1. "Remittances increased in 2021 because costs increased."
To find out if remittances increased due to increased costs, we would need data on the relationship between remittances and costs. We could examine trends and statistics on remittances and cost changes over time to determine if there is a correlation. Additionally, analyzing factors that contribute to remittances, such as exchange rates, fees, and transaction costs, could also help assess the impact of cost changes on remittances.
2. "Remittances increased in 2021 due to digitally based systems."
To determine if remittances increased due to the adoption of digitally based systems, we can examine data on remittances processed through digital channels. Comparing the volume of digital remittances in 2021 to previous years would help identify any significant increase. Additionally, analyzing factors such as the ease of use, convenience, and cost-effectiveness of digital remittance platforms could provide insights into the growth of this method.
3. "Remittances decreased due to the switch away from a cash system."
To assess if remittances decreased because of a shift away from cash-based systems, we can analyze data related to different types of remittance methods, such as cash, bank transfers, and digital platforms. Comparing the volume and patterns of cash remittances in 2021 to previous years can help determine if there has been a decline. Additionally, examining any regulatory changes or shifts in migrant preferences for sending money could provide further information.
4. "Remittances in 2021 decreased as migration decreased."
To determine if remittances decreased due to a decrease in migration, we would need data on migration patterns and remittance flows. Analyzing statistics on the number of migrants, both in terms of emigrants and immigrants, can help understand the relationship between migration and remittances. If there is a significant decrease in migration, it could potentially impact remittance flows as fewer people are available to send money back to their home countries.
To find the correct answer, we would need access to relevant data, research, and reports on remittances, costs, remittance channels, migration patterns, and other factors that may affect remittance flows.