Some origin countries also o ered incentives to their migrants at least a year prior to the pandemic, such as cash rebates for telegraphic transfers (Pakistan) and a cash incentive if migrants send home at least $1,500 so as to get a 2-percent incentive (Bangladesh). Against the dollar BUT these analysts overlooked the role of foreign exchange rates. In the Philippines, for example, economist Alvin P. Ang of Ateneo de Manila University said currency appreciation contributed to lesser remittance ows. This, Ang says, sees the links of remittances to what economists call the “Dutch disease.” Economists refer to the Dutch disease as a situation of growth in one economic sector and a decline in another sector, with this trend occurring under conditions of currency appreciation. As for remittances, it is said that depreciating currencies motivate migrants to send more or equal amounts of money so that their families in home countries enjoy more incomes. If foreign exchange rates appreciate, the tendency is for migrants abroad to send more so that they catch up on the “high” foreign exchange rates they previously enjoyed. Against the greenbuck, and citing end-2020 data from central banks, the Pakistani and Sri Lankan rupees weakened by some 3.17 and 3.27 percent, respectively. The Mexican and Dominican pesos depreciated by 4.57 and 9.68 percent, respectively. The Kenyan shilling also weakened by some 7.73 percent. Little pressure THE Philippine peso (5.33 percent), Nigerian naira (24.12) and Kyrgz som (9.77) appreciated against the US dollar last year. The Bangladeshi Taka ended 2020 appreciating versus the US tender by some 0.12 percent. Nigeria’s sharp decline last year revealed the practice that migrants do not send through formal channels. They bring money home and exchange dollars with unregulated money changers market for higher exchange rates. At the same time, increased demand for foreign currency had put pressure on the naira (the Nigerian currency) as o shore investors exited Nigeria when the pandemic triggered uctuating global oil prices. So just last December, the Central Bank of Nigeria shuttered naira-remittance accounts and told money transfer organizations to pay remittance recipients in US dollar amounts, not in naira. These measures, central bank o cials hope, may direct more migrant remittances to formal nancial channels. 0:00 5:07 Like before