MOSCOW: A money remittance service for the NRIs staying in Russia was launched in Moscow by the Indian Ambassador to Moscow Kanwal Sibal.
The facility named "Money2India" is being provided by the ICICI Bank Eurasia LLC.
India's largest private sector bank ICICI started its operation here in 2006, by acquiring a small regional bank as a vehicle to enter the Russian market.
"Relations with Russia are critical for India and growing presence of large Indian banks in the country is a welcome development. The new remittance service, first time offered to the Indian community here, fills the banking gap between the two nations, as individual Russian importers could also make payment to Indian beneficiaries," Sibal said launching the new service at the main branch of the bank on Thursday. [Read more]
Saturday, 26 May 2007
Metrobank expands global remittance links with Riyadh Bank tie-up
BY TED P. TORRES
The Philippine Star
Metropolitan Bank and Trust Co. (Metrobank) has expanded its global remittance links for overseas Filipino workers (OFWs) as it entered into an alliance with Riyadh Bank, one of the top five commercial banks in Saudi Arabia.
Metrobank executive vice president Carmelita R. Araneta said the partnership, which started as a correspondent relationship, is now more focused on serving the remittance requirements of Filipinos in Saudi Arabia.
"With a stronger partnership established with Riyadh Bank, we now aim to strengthen our presence in the kingdom where a significant number of OFWs are stationed," Araneta said. "This agreement with Riyadh Bank will also further increase our market share in the Middle East." [Read more]
Wednesday, 23 May 2007
Sri Lankan Central Bank report covers up economic problems
By Saman Gunadasa
16 May 2006
In presenting his institution’s 2006 annual report last month, Sri Lankan Central Bank governor Ajit Nivard Cabraal congratulated President Mahinda Rajapakse on the country’s high rate of growth. The annual rate of 7.4 percent, Cabraal said, was close to the 8 percent promised by Rajapakse in his Mahinda Chinthanaya (Mahinda Thinking) manifesto for the 2005 presidential election.
This year’s Central Bank report reads more like a piece of political propaganda than an objective assessment of the economy. It repeatedly refers to Mahinda Chinthanaya and devotes a special section to explaining its importance. Cabraal was appointed to his post by Rajapakse. [Read more]
M-banking - To Bank the 'Un-banked'
Date Published: 14 May 2007
By Shaker Ibne Amin
Synopsis
The poor people’s lack of access to credit has been one of the major obstacles to the development of impoverished rural areas in developing nations. Although there have been establishments of subsidized government lending schemes and rural co-operatives, none such endeavors have been fruitful in overcoming the various problems that restrict their access to the formal financial sector, thus leaving this particular segment ‘un-banked’.
Increasing popularity of remittance services and emergence of various microfinance programs coupled with the proliferation of mobile services in developing countries seem to have created a unique potential to provide financial services to the ‘un-banked’ segment over the mobile network, and at the same time, streamline operations and reduce operational overheads. [Read more]
CHINA: Money on the move
REPORTS
May 2007
Mobile payment has huge potential in China but it’s still a long way from being realized.'
Picture this scene: a small town in hilly Anhui province hasn't received its regular consignment of mobile phone top-up cards used by pre-paid customers to recharge their accounts. Without the cards, usually sold at convenience stores and newsstands, many people are denied their primary means of communication.
May 2007
Mobile payment has huge potential in China but it’s still a long way from being realized.'
Picture this scene: a small town in hilly Anhui province hasn't received its regular consignment of mobile phone top-up cards used by pre-paid customers to recharge their accounts. Without the cards, usually sold at convenience stores and newsstands, many people are denied their primary means of communication.
The solution is a man standing by the side of the road. He is a subscriber with a mobile payment company, which acts as a virtual middle man between the mobile service provider and his bank account. His handset is, in effect, an electronic wallet. People give him cash and, an SMS or two later, he has added the money to their mobile phones.
"As mobile phone penetration increases in rural areas, it can be difficult getting top-up cards to users but, through this system, anyone can become a top-up dealer," said Derek Sulger, CFO of SmartPay, a mobile payment company spun-off in 2002 from wireless value-added service provider Linktone. [Read more]
OFW remittances up 26% in March, total $3.5 billion in Q1
MANILA, Philippines -- Money sent home by overseas Filipino workers (OFWs) through the banking system surged by 26.4 percent to $1.3 billion in March from a year earlier, the central bank said Tuesday.
It was the third straight month OFW inflows posted a double-digit growth.
The first-quarter total reached $3.5 billion, up 24 percent from the same period last year.
“This was mainly the result of innovative remittance schemes offered by financial institutions and the enhanced links established with their foreign counterparts,” Governor Amando Tetangco Jr. of the central bank, Bangko Sentral ng Pilipinas. [Read more]
Remittances help foil Asia Crisis repeat, World Bank study says
Thursday, May 10, 2007
By Isagani de la Paz
ACROSS the East Asia region sweeps the wind of prosperity and cash remittances as well as knowledge capital by migrant workers has helped economies become more robust a decade after a devastating crisis.
Aside from the Philippines, the World Bank (WB) cited remittances from workers overseas also helped other countries like Vietnam and Mongolia to beef up cash reserves. Hence, remittances could soften and may even foil a repeat of the 1997 Asian crisis -if ever there would be one in the near future. [Read more]
By Isagani de la Paz
ACROSS the East Asia region sweeps the wind of prosperity and cash remittances as well as knowledge capital by migrant workers has helped economies become more robust a decade after a devastating crisis.
Aside from the Philippines, the World Bank (WB) cited remittances from workers overseas also helped other countries like Vietnam and Mongolia to beef up cash reserves. Hence, remittances could soften and may even foil a repeat of the 1997 Asian crisis -if ever there would be one in the near future. [Read more]
Civil Society Day Online Discussion
On 9, 10 and 11 July 2007 the Belgian government will host the first meeting of the 'Global Forum on Migration and Development' The King Baudouin Foundation is organising the first day of this Global Forum meeting, the 'Civil Society Day' on July 9th 2007. A broad range of non-governmental actors will gather on that day to discuss the migration and development nexus and give input to the governmental discussions on the 10th and 11th of July.
The King Baudouin Foundation kindly invites civil society organisations and other non-state actors to participate in online discussions. These are being organised to prepare the Civil Society Day. Through these discussions we aim to facilitate a vivid exchange of ideas and experiences, including from organisations that cannot be present at the July 9th conference. The online discussions contribute actively to the quality of the Civil Society Day by providing input into the agenda setting process and by feeding directly into the discussions.
Please go to our website www.gfmd-civil-society.org to find out more on these discussions and on the Civil Society Day. The 3-week session will run in English, French and Spanish and is open to participation from non-state actors from around the world. The discussions start on Monday 14th May (9 am GMT) and close on Sunday 3 June (5 pm GMT). Please register to participate in the discussions, you can go to the registration form by clicking on the register button on this page
The views represented here do not represent those of the King Baudouin Foundation or December 18. Please report any inappropriate posts.
If you are having any problems with registration, please contact rene@december18.net and we will get back to you as quickly as possible.
The King Baudouin Foundation kindly invites civil society organisations and other non-state actors to participate in online discussions. These are being organised to prepare the Civil Society Day. Through these discussions we aim to facilitate a vivid exchange of ideas and experiences, including from organisations that cannot be present at the July 9th conference. The online discussions contribute actively to the quality of the Civil Society Day by providing input into the agenda setting process and by feeding directly into the discussions.
Please go to our website www.gfmd-civil-society.org to find out more on these discussions and on the Civil Society Day. The 3-week session will run in English, French and Spanish and is open to participation from non-state actors from around the world. The discussions start on Monday 14th May (9 am GMT) and close on Sunday 3 June (5 pm GMT). Please register to participate in the discussions, you can go to the registration form by clicking on the register button on this page
The views represented here do not represent those of the King Baudouin Foundation or December 18. Please report any inappropriate posts.
If you are having any problems with registration, please contact rene@december18.net and we will get back to you as quickly as possible.
| Remittances (2): Concrete measures for a formalised system |
Pakistan: Workers’ remittances reach record level
KARACHI, May 17: Pakistan received a record $4,450.12 million as workers’ remittances during the first 10 months of the current fiscal year (July 2006 – April 2007). During the same period last year, the country had received $3,629.68 million. The latest inflows registered an increase of $820.44 million or 22.60 per cent.
The amount of $4,450.12 million includes $2.24 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
During April, workers remitted $513.35 million as against $401.47 million in April, 2006, depicting an increase of $111.88 million or 27.87 per cent. [Read more]
The amount of $4,450.12 million includes $2.24 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
During April, workers remitted $513.35 million as against $401.47 million in April, 2006, depicting an increase of $111.88 million or 27.87 per cent. [Read more]
Sunday, 20 May 2007
OFW remittances fueling growth in real estate
MANILA, Philippines -- UP TO A third of the record-high foreign remittances sent home by expatriate Filipino workers is spent on real estate, making the current property market boom more durable than previous episodes, according to industry players and market watchers.
In an interview, Century Properties managing director John Victor Antonio said his firm noticed this trend as early as two years ago when dollar remittances sent by overseas Filipino workers (OFWs) started to pick up.
"Our rule of thumb is that 30 percent of all remittances end up in spending for the real estate sector, whether it is used to buy or property. [Read more]US immigration reforms challenge Asian family values
WASHINGTON -- Asian family values are challenged under a sweeping US immigration reform plan that grants visas based more on skills than on family connections in the United States.
While the plan offers a path to citizenship for 12 million undocumented immigrants, it crumbles the bedrock underlying four decades of US immigration policy that is especially important to Asian Americans: family reunification. [Read more]
Sunday, 13 May 2007
Remittances help foil Asia crisis repeat - World Bank
ISAGANI DE LA PAZ
05/10/2007 | 01:27 PM Aside from the Philippines, the World Bank (WB) cited remittances from workers overseas also helped other countries like Vietnam and Mongolia to beef up cash reserves. Hence, remittances could soften and may even foil a repeat of the 1997 Asian crisis -if ever there would be one in the near future.
"A decade after the financial crisis that devastated East Asia in 1997-1998, the region is far wealthier, has fewer poor people and a larger global role than ever before. Led by continued strong growth in China, Emerging East Asia now has an aggregate output of over US$5 trillion, double the dollar value just before the crisis," said the WB report titled "Ten Years after the Crisis". [Read more]
Sunday, 6 May 2007
Dutch borders open, finally
The work permit requirement for employees from Poland, Lithuania, the Czech Republic, Slovakia, Latvia, Slovenia, Estonia and Hungary was abolished on 1 May 2007.
This means that now all citizens of these eight states of Central and Eastern Europe, which joined the EU on 1 May 2004 will enjoy the general (unrestricted) right to free movement of workers.
After much speculation, the Dutch Parliament agreed to abolish the work permit requirement on Wednesday 25 April 2007 and the resolution was published on 27 April 2007. The work permit requirement remains applicable for citizens from Bulgaria and Romania. [Read more]
This means that now all citizens of these eight states of Central and Eastern Europe, which joined the EU on 1 May 2004 will enjoy the general (unrestricted) right to free movement of workers.
After much speculation, the Dutch Parliament agreed to abolish the work permit requirement on Wednesday 25 April 2007 and the resolution was published on 27 April 2007. The work permit requirement remains applicable for citizens from Bulgaria and Romania. [Read more]
Afghans’ Money goes to Pakistan
Thursday, 03 May 2007
By Shahid Ali KhanSaudi Gazette
THE long-pending issue of around 170,000 Afghan nationals living in Saudi Arabia on Pakistani passports could be solved through trilateral talks between labor ministers of the respective countries, said Dr. Rangin Dadfar Spanta, Foreign Minister of Afghanistan. Spanta, who is currently on an official visit to Saudi Arabia, discussed this issue with Saudi leaders.
The problem dates back to 1970s when getting a passport from Afghanistan was almost impossible, he said.
This prompted Afghans, many of whom had already migrated to Pakistan as refugees, to apply and get a Pakistani passport for traveling to Saudi Arabia.
Afghanistan is concerned because it is losing millions in foreign exchange since remittances by Afghan workers are going to Pakistan.
The exchequer of a third country is benefiting from the remittances of Afghan workers, he said, referring to Pakistan.
"Now the status of Afghan nationals holding Pakistani passports has to be changed," he said, adding that the process would be initiated after the request comes from the people living in Saudi Arabia. [Read more]
By Shahid Ali KhanSaudi Gazette
THE long-pending issue of around 170,000 Afghan nationals living in Saudi Arabia on Pakistani passports could be solved through trilateral talks between labor ministers of the respective countries, said Dr. Rangin Dadfar Spanta, Foreign Minister of Afghanistan. Spanta, who is currently on an official visit to Saudi Arabia, discussed this issue with Saudi leaders.
The problem dates back to 1970s when getting a passport from Afghanistan was almost impossible, he said.
This prompted Afghans, many of whom had already migrated to Pakistan as refugees, to apply and get a Pakistani passport for traveling to Saudi Arabia.
Afghanistan is concerned because it is losing millions in foreign exchange since remittances by Afghan workers are going to Pakistan.
The exchequer of a third country is benefiting from the remittances of Afghan workers, he said, referring to Pakistan.
"Now the status of Afghan nationals holding Pakistani passports has to be changed," he said, adding that the process would be initiated after the request comes from the people living in Saudi Arabia. [Read more]
Friday, 4 May 2007
Making the Most of Family Remittances: A Report of the Inter-American Dialogue's Task Force on Remittances
Family remittances are now Latin America's largest source of external
capital. They represent more than 15 percent of the national income of
Honduras, Jamaica, and El Salvador and make up nearly 4 percent of the
national income of Mexico. In many countries, the more than $60 billion
of annual remittances are making a huge dent in rural and urban poverty;
in some, they are narrowing the rich-poor income divide.
The report explores ways to help families and their countries get more
out of remittances. It gives renewed attention to mechanisms for
reducing the cost of remittance transfers, but particularly emphasizes
increasing financial access for remittance senders and recipients and
encouraging governments to create productive opportunities for the use
of remittances while respecting the private and voluntary nature of the
transfers.
The most critical recommendation of the report is that policy and
advocacy efforts by all institutions should focus on encouraging
remittance senders and recipients to use bank accounts. Banks and other
financial institutions can help reduce the cost of money transfers
because they are able to move money across international boundaries more
cheaply than money transfer operators (MTOs) or couriers. Perhaps even
more important, banks offer a range of other relevant products-including
interest bearing savings accounts and loans-that help migrants and their
families become economic citizens and promote economic development in
their home countries.
Other key recommendations in the report include the following:
* MTOs should be encouraged or required to provide accurate,
up-to-date information on their costs and methods of operation. Such
transparency in pricing and services would allow remittance senders and
recipients to compare MTOs and select the company that best meets their
needs. In addition, greater transparency in pricing and services could
lead to greater competition resulting in lower costs and better
services.
* Cooperation between banks and MTOs should be promoted. Banks
offer a wider range of services than MTOs and greater geographical
coverage in both the United States and abroad. MTOs tend to be seen as
trustworthy by senders and recipients, and they offer experience with
remittances and better knowledge of sender and recipient communities.
Such collaboration could result in more remittance senders and
recipients using banks.
* Governments and international organizations should invest much
more in research on remittances and their impact. It is time to generate
the information and analysis necessary to understand remittance flows,
how much they contribute to development, and what policies can make them
more valuable both to senders and recipients and their communities and
families.
* Governments should not intervene in remittance flows by imposing
taxes or burdensome regulations. Remittances are voluntary transfers
between individuals and their families. Governments seeking to tax
remittances or intervene in their use will provoke remitters to stop
sending money or turn to transfer channels outside official control.
Regardless of their volume and importance, these decentralized flows are
inappropriate for direct government intervention.
The Dialogue's Task Force on Remittances includes prominent political
and business leaders; financial, technical, and legal experts; and
representatives of sending and recipient communities. The Inter-American
Dialogue is the leading U.S. center for policy analysis and exchange on
Western Hemisphere affairs. The Inter-American Development Bank and the
Annie E. Casey Foundation generously provided the support to make this
project possible.
Download report
Inter-American Dialogue
1211 Connecticut Avenue, Suite 510, Washington, DC 20036
Tel: (202) 822-9002 Fax: (202) 822-9553 www.thedialogue.org
<http://www.thedialogue.org/>
capital. They represent more than 15 percent of the national income of
Honduras, Jamaica, and El Salvador and make up nearly 4 percent of the
national income of Mexico. In many countries, the more than $60 billion
of annual remittances are making a huge dent in rural and urban poverty;
in some, they are narrowing the rich-poor income divide.
The report explores ways to help families and their countries get more
out of remittances. It gives renewed attention to mechanisms for
reducing the cost of remittance transfers, but particularly emphasizes
increasing financial access for remittance senders and recipients and
encouraging governments to create productive opportunities for the use
of remittances while respecting the private and voluntary nature of the
transfers.
The most critical recommendation of the report is that policy and
advocacy efforts by all institutions should focus on encouraging
remittance senders and recipients to use bank accounts. Banks and other
financial institutions can help reduce the cost of money transfers
because they are able to move money across international boundaries more
cheaply than money transfer operators (MTOs) or couriers. Perhaps even
more important, banks offer a range of other relevant products-including
interest bearing savings accounts and loans-that help migrants and their
families become economic citizens and promote economic development in
their home countries.
Other key recommendations in the report include the following:
* MTOs should be encouraged or required to provide accurate,
up-to-date information on their costs and methods of operation. Such
transparency in pricing and services would allow remittance senders and
recipients to compare MTOs and select the company that best meets their
needs. In addition, greater transparency in pricing and services could
lead to greater competition resulting in lower costs and better
services.
* Cooperation between banks and MTOs should be promoted. Banks
offer a wider range of services than MTOs and greater geographical
coverage in both the United States and abroad. MTOs tend to be seen as
trustworthy by senders and recipients, and they offer experience with
remittances and better knowledge of sender and recipient communities.
Such collaboration could result in more remittance senders and
recipients using banks.
* Governments and international organizations should invest much
more in research on remittances and their impact. It is time to generate
the information and analysis necessary to understand remittance flows,
how much they contribute to development, and what policies can make them
more valuable both to senders and recipients and their communities and
families.
* Governments should not intervene in remittance flows by imposing
taxes or burdensome regulations. Remittances are voluntary transfers
between individuals and their families. Governments seeking to tax
remittances or intervene in their use will provoke remitters to stop
sending money or turn to transfer channels outside official control.
Regardless of their volume and importance, these decentralized flows are
inappropriate for direct government intervention.
The Dialogue's Task Force on Remittances includes prominent political
and business leaders; financial, technical, and legal experts; and
representatives of sending and recipient communities. The Inter-American
Dialogue is the leading U.S. center for policy analysis and exchange on
Western Hemisphere affairs. The Inter-American Development Bank and the
Annie E. Casey Foundation generously provided the support to make this
project possible.
Download report
Inter-American Dialogue
1211 Connecticut Avenue, Suite 510, Washington, DC 20036
Tel: (202) 822-9002 Fax: (202) 822-9553 www.thedialogue.org
<http://www.thedialogue.org/>
New money calls for the personal touch
By Kevin O’Donnell
Published: January 5 2007 12:06 | Last updated: January 5 2007 12:06
There is a growing queue of private banks and wealth managers chasing the £100,000-plus investor as the numbers of these wealthy individuals looks set to break through the 2m barrier for the first time in 2007.
Wealth managers and private banks are expanding to meet the demand from the growing numbers of affluent but “time-poor” investors who want professionals to manage their money for them and treat them as a name and not an account number.
The bracket between £100,000 and £250,000 is below the traditional private banking threshold of £500,000 but private banks and wealth managers see this sector as the fastest-growing segment of the market. [Read more]
Immigrants Slow Rate Of Money Transfers
Remittances Crucial to Poor Nations
Washington Post Staff Writer
Tuesday, May 1, 2007; Page D01
The amount of money Latin American immigrants sent home from the United States grew at a slower rate during the first two months of the year than in the same period a year ago, according to the Inter-American Development Bank. The slowdown puzzled some experts who study such remittances, which contribute significantly to Latin American economies.
Remittances rose in the single digits in January and February after rising as much as 20 percent year-over-year since analysts began tracking the transfers at the beginning of the decade, the Inter-American Development Bank said yesterday. [Read more]
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