Some say hard times in U.S. prompted strong turnout
By EDUARDO VERDUGO
Associated Press
Competitors head to the “Paisano Day” competition, for which 94 pickups and SUVs turned out – more than double the average number in past years.
(Full-size photo) (All photos)
JALPAN DE SERRA, Mexico – Organizers of central Mexico’s annual parade of tricked-out “trocas” say more migrants are returning to their homeland, and many are planning to stay for a while.
The U.S. economic downturn didn’t hurt the 9th annual “Paisano Day” parade on Sunday, when 94 pickups and SUVs turned out – more than double the average number of contestants in past years.
In fact, the meltdown is precisely the reason more migrants have come back, and some are thinking of staying in their hometown while they wait out the tough times north of the border, said event organizer Iber Silva.
Read more
Wednesday, 31 December 2008
Kenya forex remittances up 7 percent in Jan-Nov 2008
Tue 30 Dec 2008, 13:59 GMT
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NAIROBI (Reuters) - Foreign exchange remittances by Kenyans abroad totalled $571 million over Jan-Nov, a 7 percent increase over the $532 million sent during the same period last year, central bank statistics showed on Tuesday.
Remittances have become a leading source of hard currency along with tourism, horticulture and tea exports. They totalled $573.6 million in 2007.
Kenyans send money back home typically to invest in stocks and real estate or to help families.
Flower and vegetable exports earned $1 billion last year while tea sales brought in $572 million. But these earnings could drop this year due to the global financial crisis.
Typically, Kenya's currency is affected day-to-day by fluctuations in dollar supply from tourism, agricultural exports and remittances on one hand and demand by importers on the other. Source
[-] Text [+]
NAIROBI (Reuters) - Foreign exchange remittances by Kenyans abroad totalled $571 million over Jan-Nov, a 7 percent increase over the $532 million sent during the same period last year, central bank statistics showed on Tuesday.
Remittances have become a leading source of hard currency along with tourism, horticulture and tea exports. They totalled $573.6 million in 2007.
Kenyans send money back home typically to invest in stocks and real estate or to help families.
Flower and vegetable exports earned $1 billion last year while tea sales brought in $572 million. But these earnings could drop this year due to the global financial crisis.
Typically, Kenya's currency is affected day-to-day by fluctuations in dollar supply from tourism, agricultural exports and remittances on one hand and demand by importers on the other. Source
Tuesday, 30 December 2008
POLAND: NatWest Offers Free Mobile Remittances
Royal Bank of Scotland Group PLC's National Westminster Bank has introduced commission-free international mobile phone fund transfers for customers wanting to send remittances to Poland.
The service is available only to NatWest customers who have "welcome accounts" designed for Polish immigrants to the United Kingdom, the banking company said last week.
NatWest customers can transfer funds into accounts at Poland's PKO Bank Polski SA, the bank said. Customers who want to use the service must install the bank's mobile phone banking service.
NatWest said it hopes to capture a bigger slice of the Polish remittance market, which the bank estimates is worth about $1.4 billion annually. It also said it hopes to expand the service to other countries but did not name them. Source
The service is available only to NatWest customers who have "welcome accounts" designed for Polish immigrants to the United Kingdom, the banking company said last week.
NatWest customers can transfer funds into accounts at Poland's PKO Bank Polski SA, the bank said. Customers who want to use the service must install the bank's mobile phone banking service.
NatWest said it hopes to capture a bigger slice of the Polish remittance market, which the bank estimates is worth about $1.4 billion annually. It also said it hopes to expand the service to other countries but did not name them. Source
Financial firm banking on Houston
A California company is rapidly wiring into Houston and other Sun Belt cities with a self-serve ATM-style kiosk aimed at customers who regularly send cash to family members in Mexico as well as Central and South America.
After completing trials in June, Nexxo Financial Corp. has finished installation of its proprietary software on 43 Houston-area kiosks already designed for bill-paying functions that were installed by Canadian company TIO Networks Corp. Nexxo officials say they are already looking to partner with other financial institutions and retailers to expand the company’s presence in Texas.
After completing trials in June, Nexxo Financial Corp. has finished installation of its proprietary software on 43 Houston-area kiosks already designed for bill-paying functions that were installed by Canadian company TIO Networks Corp. Nexxo officials say they are already looking to partner with other financial institutions and retailers to expand the company’s presence in Texas.
Monday, 29 December 2008
TAIWAN: Cross-strait postal remittance service to begin in mid-February
TAIPEI, Taiwan -- Two-way postal remittance services between Taiwan and China will begin in mid-February after the Lunar New Year holiday, with Citibank New York serving as the intermediary bank, Chunghwa Post Co. officials said yesterday.
A spokesman for Chunghwa Post noted that one of four agreements signed Nov. 4 in Taipei between Taiwan's semi-official Straits Exchange Foundation and its Chinese counterpart — the Association for Relations Across the Taiwan Straits — allows Taiwan and China to begin direct mail and postal remittance services. Read more
A spokesman for Chunghwa Post noted that one of four agreements signed Nov. 4 in Taipei between Taiwan's semi-official Straits Exchange Foundation and its Chinese counterpart — the Association for Relations Across the Taiwan Straits — allows Taiwan and China to begin direct mail and postal remittance services. Read more
500 more immigrants arrive in Italy
More than 500 illegal immigrants arrived on Italian shores Sunday as opposition lawmakers attacked Silvio Berlusconi's right-wing coalition government for failing to tackle the problem.
Some 253 illegally entered the country on Sunday morning by arriving on the southern island of Lampedusa, with a further 300 arriving on the neighbouring island of Linosa later in the day.
"The government's strategy on illegal immigration has been a miserable failure," said Marco Minniti, a senior figure inside the Democratic Party. Read more
Some 253 illegally entered the country on Sunday morning by arriving on the southern island of Lampedusa, with a further 300 arriving on the neighbouring island of Linosa later in the day.
"The government's strategy on illegal immigration has been a miserable failure," said Marco Minniti, a senior figure inside the Democratic Party. Read more
Latin American migrants often don't make it to U.S.
Los Angeles Times
December 28, 2008
ECATEPEC, Mexico - Ada Marlen was 17 and the mother of two children when she set out from her home in Honduras to seek work in the United States. That was in 1989.
Her family hasn't heard from her since.
"Nineteen years ago, my daughter started her journey, in search of her American dream, and to this day I don't know anything about her," said her mother, Emeteria Martinez.
Martinez, 70, was among a group of 15 Hondurans who traveled to Mexico recently to search for missing relatives and draw attention to the obstacles Central American migrants face en route to the United States. Read more
December 28, 2008
ECATEPEC, Mexico - Ada Marlen was 17 and the mother of two children when she set out from her home in Honduras to seek work in the United States. That was in 1989.
Her family hasn't heard from her since.
"Nineteen years ago, my daughter started her journey, in search of her American dream, and to this day I don't know anything about her," said her mother, Emeteria Martinez.
Martinez, 70, was among a group of 15 Hondurans who traveled to Mexico recently to search for missing relatives and draw attention to the obstacles Central American migrants face en route to the United States. Read more
Tajik Village Shares Fears of Migrants
By SABRINA TAVERNISE
Published: December 27, 2008
KHODZHA-DURBOD, Tajikistan — The men from this village who went to Russia to work all knew the rule: always stay together on the walk home. As Tajiks in an aggressive Russian city, getting caught could mean getting hurt.
Skip to next paragraph
The New York Times
Most of Khodzha-Durbod’s men seek work in Russia.
But on the eve of the Muslim holiday of sacrifice this month, Salohiddin Azizov broke the rule. It was a fatal mistake.
Published: December 27, 2008
KHODZHA-DURBOD, Tajikistan — The men from this village who went to Russia to work all knew the rule: always stay together on the walk home. As Tajiks in an aggressive Russian city, getting caught could mean getting hurt.
Skip to next paragraph
The New York Times
Most of Khodzha-Durbod’s men seek work in Russia.
But on the eve of the Muslim holiday of sacrifice this month, Salohiddin Azizov broke the rule. It was a fatal mistake.
300 migrants missing off Andamans
About 300 illegal migrants are feared to have drowned in the Bay of Bengal off the coast of India's Andaman and Nicobar islands.
The migrants went missing after they jumped from a drifting boat and tried to swim ashore. More than 100 people have been rescued so far.
A survivor told police that more than 400 people had been on the boat, trying to reach Malaysia.
The migrants are thought to be from Bangladesh and Burma.
"One body has been recovered so far and search operations are still going on in nearby islands for survivors," Ranjith Narayan, Director General of Police in the Andaman and Nicobar islands, told the BBC. Read more
The migrants went missing after they jumped from a drifting boat and tried to swim ashore. More than 100 people have been rescued so far.
A survivor told police that more than 400 people had been on the boat, trying to reach Malaysia.
The migrants are thought to be from Bangladesh and Burma.
"One body has been recovered so far and search operations are still going on in nearby islands for survivors," Ranjith Narayan, Director General of Police in the Andaman and Nicobar islands, told the BBC. Read more
BANGLADESH: Smoothening the way for greater remittance earnings
Syed Ashraful Hasan
THE greater amounts of remitted foreign currencies can boost up the country's foreign exchange reserve. This will, in turn, strengthen its import operations in support of economy-expanding activities or for undertaking developmental projects. The remittances will help the families of expatriate workers to fast climb out of poor standards of living to a better one.
It was estimated that remittances can double or treble within a short period of time to fulfil the above vision if only a proper coordinated and comprehensive policy is put into operation and also if the external environment under the impact of the prevailing global financial melt-down does not become unfavourable. Numerous potential workers are there who cannot go abroad due to some constraints. In many cases, they are unskilled and there is little demand for unskilled workers. Besides, it is not desirable also to send out unskilled workers as their wages are always found substantially lower than skilled workers. Thus, the government can play a very useful role by providing training opportunities in diverse areas. It can set up many skill training centres throughout the country at its own cost to facilitate the enrolment of large number of people in them. The establishment of such institutions ought to be looked upon essentially as a form of investment from which to get a great deal of more returns in the longer run than the expenditures involved in building and running them. Read more
THE greater amounts of remitted foreign currencies can boost up the country's foreign exchange reserve. This will, in turn, strengthen its import operations in support of economy-expanding activities or for undertaking developmental projects. The remittances will help the families of expatriate workers to fast climb out of poor standards of living to a better one.
It was estimated that remittances can double or treble within a short period of time to fulfil the above vision if only a proper coordinated and comprehensive policy is put into operation and also if the external environment under the impact of the prevailing global financial melt-down does not become unfavourable. Numerous potential workers are there who cannot go abroad due to some constraints. In many cases, they are unskilled and there is little demand for unskilled workers. Besides, it is not desirable also to send out unskilled workers as their wages are always found substantially lower than skilled workers. Thus, the government can play a very useful role by providing training opportunities in diverse areas. It can set up many skill training centres throughout the country at its own cost to facilitate the enrolment of large number of people in them. The establishment of such institutions ought to be looked upon essentially as a form of investment from which to get a great deal of more returns in the longer run than the expenditures involved in building and running them. Read more
DOMINICAN REPUBLIC: Nearly 40% of Dominican households receive remittances
Santo Domingo.– Thirty eight percent of Dominican households receive remittances that amount to over $3 billion US dollars. The majority of the recipients informally save an average of $1,400 dollars, revealed a study by Manuel Orozco, Director of the Program for Remittances and Development of the Inter-American Dialogue.
Orozco, who offered the conference “The Tendencies of Family Remittances and the Significance for the Dominican Republic in the Face of Changes in the World Economy,” held in the Fundación Global Democracia y Desarrollo (FUNGLODE) auditorium, talked about the impact the global recession could have on the sending of money in 2009.
Read more
Orozco, who offered the conference “The Tendencies of Family Remittances and the Significance for the Dominican Republic in the Face of Changes in the World Economy,” held in the Fundación Global Democracia y Desarrollo (FUNGLODE) auditorium, talked about the impact the global recession could have on the sending of money in 2009.
Read more
LATIN AMERICA: More unemployment, less remittances in 2009 - ECLAC
December 28, 2008 | By knews | Filed Under News
The weight of the economic crisis will be felt most by the lowest income households in Latin America and the Caribbean in 2009, and this will be reflected in a drop in remittances and a rise in unemployment.
This is according to the United Nations Economic Commission on Latin America and The Caribbean (ECLAC).
According to the ECLAC report on the economies of the region, the international crisis will broaden the gap between rich and poor.
Under the current circumstances, with regional growth dropping from an average 4.6 percent in 2008 to 1.9 percent in 2009, and an unemployment rate expected to rise from 7.5 percent to about 8.1 percent next year, low-income households are expected to bear the additional brunt of falling remittances and domestic prices. Read more
The weight of the economic crisis will be felt most by the lowest income households in Latin America and the Caribbean in 2009, and this will be reflected in a drop in remittances and a rise in unemployment.
This is according to the United Nations Economic Commission on Latin America and The Caribbean (ECLAC).
According to the ECLAC report on the economies of the region, the international crisis will broaden the gap between rich and poor.
Under the current circumstances, with regional growth dropping from an average 4.6 percent in 2008 to 1.9 percent in 2009, and an unemployment rate expected to rise from 7.5 percent to about 8.1 percent next year, low-income households are expected to bear the additional brunt of falling remittances and domestic prices. Read more
Saturday, 27 December 2008
DOMINICAN REPUBLIC: Thirty Eight Percent of Dominican Households Receive Remittances
This figure appeared in a survey done in the Dominican Republic in August 2008 by Manuel Orozco, of Inter-American Dialogue, who recently spoke at a FUNGLODE Conference
“The economic situation in the world has created a number of question marks about its impact on immigration and sending of money as well as fears about the future of exports and foreign investment,” said Orozco.
Thirty eight percent of Dominican households receive remittances that amount to over $3 billion US dollars. The majority of the recipients informally save an average of $1,400 dollars. Both of these pieces of data form part of a study presented by Manuel Orozco, Director of the Program for Remittances and Development of the Inter-American Dialogue, during the conference titled “The Tendencies of Family Remittances and the Significance for the Dominican Republic in the Face of Changes in the World Economy,” held on Friday in the Fundación Global Democracia y Desarrollo (FUNGLODE) auditorium.
Read more
“The economic situation in the world has created a number of question marks about its impact on immigration and sending of money as well as fears about the future of exports and foreign investment,” said Orozco.
Thirty eight percent of Dominican households receive remittances that amount to over $3 billion US dollars. The majority of the recipients informally save an average of $1,400 dollars. Both of these pieces of data form part of a study presented by Manuel Orozco, Director of the Program for Remittances and Development of the Inter-American Dialogue, during the conference titled “The Tendencies of Family Remittances and the Significance for the Dominican Republic in the Face of Changes in the World Economy,” held on Friday in the Fundación Global Democracia y Desarrollo (FUNGLODE) auditorium.
Read more
D-8 and IYF signed an MOU for Cooperation on Migration Workers, Remittances and Microfinance Project
Baltimore, USA | December 03, 2008 by D-8 Secretariat
Dipo Alam and William S. Reese
Dipo Alam and William S. Reese
Another breakthrough has been initiated by D-8 Organization in the remittance sector this week. The D-8 Organization in collaboration with The International Youth Foundation (IYF) proposes to implement a pilot program in Indonesia and Pakistan to promote the increased use of remittances from overseas workers for investments that will promote food security and employment in the origin areas of the workers. The initial program will be established in selected areas of these two countries and implemented in collaboration through Indonesian and Pakistani governments, banking institutions, private sector recruitment companies and agricultural development NGOs coordinated by Indonesia Business Links (IBL) in Indonesia and Rural Support Program Network (RSPN) in Pakistan. Read More
Dipo Alam and William S. Reese
Dipo Alam and William S. Reese
Another breakthrough has been initiated by D-8 Organization in the remittance sector this week. The D-8 Organization in collaboration with The International Youth Foundation (IYF) proposes to implement a pilot program in Indonesia and Pakistan to promote the increased use of remittances from overseas workers for investments that will promote food security and employment in the origin areas of the workers. The initial program will be established in selected areas of these two countries and implemented in collaboration through Indonesian and Pakistani governments, banking institutions, private sector recruitment companies and agricultural development NGOs coordinated by Indonesia Business Links (IBL) in Indonesia and Rural Support Program Network (RSPN) in Pakistan. Read More
BANGLADESH: Don’t Shut Migrant Workers Out, Rights Organisations Urge Rich Countries
Dhaka, Bangladesh | December 21, 2008 by D-8 Secretariat
Remittance is an important sector in many D-8 countries
Both local and international organisations yesterday ratcheted up calls to recognise positive contributions that migrant workers can make to economic growth, as millions of migrant workers face layoffs around the world. The calls came from different programmes designed to mark International Migrants Day. A day earlier, International Labour Organisation revealed a chilling forecast, pointing to worsening conditions for migrant workers in the global financial crisis. Read more
Remittance is an important sector in many D-8 countries
Both local and international organisations yesterday ratcheted up calls to recognise positive contributions that migrant workers can make to economic growth, as millions of migrant workers face layoffs around the world. The calls came from different programmes designed to mark International Migrants Day. A day earlier, International Labour Organisation revealed a chilling forecast, pointing to worsening conditions for migrant workers in the global financial crisis. Read more
INDIA: Punjab villagers lament U.S slowdown influencing NRIs investment
December 27th, 2008 - 8:56 pm ICT by ANI -
By Karan Kapoor
Ludhiana, Dec.27 (ANI): Living thousands of miles away from their homeland, a large number of non-resident Indians (NRIs) have never lost their fondness for India. They have always wanted to invest in India.
According to a World Bank report, nearly six million Indians working abroad sent home 30 billion dollars during 2008 making India, the top receiver of migrant remittances.
For instance, almost each family in the Giljian Village near Jalandhar today boasts of having at least one member living in abroad. The village has 300 houses.
But the impact of the slump in the U.S. economy has started to show in this village with almost zero NRI visits and a sharp fall in the remittances, especially in Punjab.
Read more
By Karan Kapoor
Ludhiana, Dec.27 (ANI): Living thousands of miles away from their homeland, a large number of non-resident Indians (NRIs) have never lost their fondness for India. They have always wanted to invest in India.
According to a World Bank report, nearly six million Indians working abroad sent home 30 billion dollars during 2008 making India, the top receiver of migrant remittances.
For instance, almost each family in the Giljian Village near Jalandhar today boasts of having at least one member living in abroad. The village has 300 houses.
But the impact of the slump in the U.S. economy has started to show in this village with almost zero NRI visits and a sharp fall in the remittances, especially in Punjab.
Read more
PHILIPPINES: Filipino expats' remittances decline
By Cleofe Maceda, Staff Reporter
Published: December 26, 2008, 23:39
Dubai: Remittances by Filipino expatriates in the GCC region declined in October compared to September, as the global downturn dampened demand for new workers.
The amount of money sent to the Philippines from Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE dipped 15.4 per cent from $498.9 million (Dh1,832.32 million) in September to $421.9 million in October, statistics from the central bank show.
Based on reports of commercial banks, thrift banks, offshore banking units and foreign exchange corporations submitted to the central bank, October remittances were down in almost all GCC-member nations except in Bahrain and Kuwait. Read More
Published: December 26, 2008, 23:39
Dubai: Remittances by Filipino expatriates in the GCC region declined in October compared to September, as the global downturn dampened demand for new workers.
The amount of money sent to the Philippines from Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE dipped 15.4 per cent from $498.9 million (Dh1,832.32 million) in September to $421.9 million in October, statistics from the central bank show.
Based on reports of commercial banks, thrift banks, offshore banking units and foreign exchange corporations submitted to the central bank, October remittances were down in almost all GCC-member nations except in Bahrain and Kuwait. Read More
Friday, 26 December 2008
PAKISTAN: Majority of expatriates using hundi for remittances: PEW Report
Updated at: 0309 PST, Friday, December 26, 2008
ISLAMABAD: Pakistan Economy Watch (PEW) Thursday said the overwhelming majority of Pakistani expatriates were still using hundi to transfer funds home bypassing the legal banking systems.
The trend is depriving the country of legitimate taxes as well as foreign exchange and the government should try to tap potential of three million overseas Pakistanis by introducing sweeping reforms in the existing banking system.
“So far various legal steps and administrative actions have not stopped or significantly dented the parallel remittance system. Read more
ISLAMABAD: Pakistan Economy Watch (PEW) Thursday said the overwhelming majority of Pakistani expatriates were still using hundi to transfer funds home bypassing the legal banking systems.
The trend is depriving the country of legitimate taxes as well as foreign exchange and the government should try to tap potential of three million overseas Pakistanis by introducing sweeping reforms in the existing banking system.
“So far various legal steps and administrative actions have not stopped or significantly dented the parallel remittance system. Read more
PHILIPPINES: Mission: Get overseas Pinoys to register and vote
By JULIE JAVELLANA SANTOS, abs-cbnNEWS.com | 12/26/2008 9:50 AM
First on the agenda for 2009, as far as advocates of absentee voting are concerned, will be the amendment to the overseas absentee voting bill.
The amendment will scrap the affidavit of intent to return which has been required of Filipino immigrants abroad. This has also proven a deterrent to Filipinos overseas, particularly to green card holders in the US who fear that their residency will be affected by executing this affidavit.
This requirement was included in the law to keep the overseas Filipino "connected" to the Philippines. Read more
First on the agenda for 2009, as far as advocates of absentee voting are concerned, will be the amendment to the overseas absentee voting bill.
The amendment will scrap the affidavit of intent to return which has been required of Filipino immigrants abroad. This has also proven a deterrent to Filipinos overseas, particularly to green card holders in the US who fear that their residency will be affected by executing this affidavit.
This requirement was included in the law to keep the overseas Filipino "connected" to the Philippines. Read more
PHILIPPINES: Lawmaker proposes welfare insurance program for migrants
A congressman has filed a bill seeking a compulsory welfare insurance program for all overseas Filipino workers that would protect and ensure their well-being amid numerous reports of maltreatment and exploitation suffered by the country's migrant workers.
House Bill 5621 filed by Cagayan de Oro 2nd District Rep. Rufus Rodriguez proposes that all OFWs should be covered by a welfare insurance program in addition to the benefits being provided for by the Overseas Workers Welfare Administration (OWWA).
He said the more than one million OFWs stand to benefit from his proposal once it is enacted into law, citing that the number of OFWs has increased almost 25 fold over the past 20 years with nearly 1.2 million registered deployments to over 190 countries in 2006 alone. Read more
House Bill 5621 filed by Cagayan de Oro 2nd District Rep. Rufus Rodriguez proposes that all OFWs should be covered by a welfare insurance program in addition to the benefits being provided for by the Overseas Workers Welfare Administration (OWWA).
He said the more than one million OFWs stand to benefit from his proposal once it is enacted into law, citing that the number of OFWs has increased almost 25 fold over the past 20 years with nearly 1.2 million registered deployments to over 190 countries in 2006 alone. Read more
PHILIPPINES: DBP creates high-yielding savings facility for OFWs
By Erik de la Cruz/ Business Mirror | 12/26/2008 11:45 PM
The Development Bank of the Philippines (DBP) has created a savings facility for the nearly nine million Filipinos abroad, giving these cash-rich migrant workers an opportunity to double their money in nine years.
The country’s fifth-largest bank in terms of assets wants to increase its loanable funds to help finance infrastructure projects.
Called the Deposito ng Bayaning Pilipino, the facility requires a minimum deposit of P50,000 and offers an interest yield of 8.5 percent a year.
DBP president and chief executive Reynaldo David said the bank will invest the money from overseas Filipino workers (OFWs) to development initiatives involving infrastructure projects of the government. Read more
The Development Bank of the Philippines (DBP) has created a savings facility for the nearly nine million Filipinos abroad, giving these cash-rich migrant workers an opportunity to double their money in nine years.
The country’s fifth-largest bank in terms of assets wants to increase its loanable funds to help finance infrastructure projects.
Called the Deposito ng Bayaning Pilipino, the facility requires a minimum deposit of P50,000 and offers an interest yield of 8.5 percent a year.
DBP president and chief executive Reynaldo David said the bank will invest the money from overseas Filipino workers (OFWs) to development initiatives involving infrastructure projects of the government. Read more
JAMAICA: Ethanol production no, remittances no, investments yes says Jamaican Tourism Minister
amaica’s Tourism Minister, Ed Bartlett
Thinking of investing in ethanol in Jamaica? Think again. That doesn’t seem to be the priority area for the new government as it was for the former administration. At least that’s the strong impression given by Tourism Minister Ed Bartlet when he addressed a group of Jamaicans in Toronto, who had turned out for a get to know you visit.
According to the minister, ethanol is a dead end street for the island because “even if you planted cane over every square inch of Jamaica we wouldn’t be able to make enough to supply one third of all the vehicles on the island. Fruits and vegetables are the way.
So, Mr Bartlet wants Jamaicans to invest in their homeland. In exactly what and how he didn’t say but he’d like to see Jamaicans transform remittances to friends and family into investment options to staunch the haemorrhage of capital into a cycle of non-production and instead start productivity flows to help suture crime and violence.
Bartlett, and apparently the government, believes that feeding money into the informal sector is dampening the drive of the recipients at home by making it difficult for businesses to compete with salaries that match remittance gifts. And this contributes to the crime that teems from slum life. Read more
Thinking of investing in ethanol in Jamaica? Think again. That doesn’t seem to be the priority area for the new government as it was for the former administration. At least that’s the strong impression given by Tourism Minister Ed Bartlet when he addressed a group of Jamaicans in Toronto, who had turned out for a get to know you visit.
According to the minister, ethanol is a dead end street for the island because “even if you planted cane over every square inch of Jamaica we wouldn’t be able to make enough to supply one third of all the vehicles on the island. Fruits and vegetables are the way.
So, Mr Bartlet wants Jamaicans to invest in their homeland. In exactly what and how he didn’t say but he’d like to see Jamaicans transform remittances to friends and family into investment options to staunch the haemorrhage of capital into a cycle of non-production and instead start productivity flows to help suture crime and violence.
Bartlett, and apparently the government, believes that feeding money into the informal sector is dampening the drive of the recipients at home by making it difficult for businesses to compete with salaries that match remittance gifts. And this contributes to the crime that teems from slum life. Read more
INDIA: RBI may allow online money transfer abroad
ecember 25, 2008 02:03 IST
Sending money overseas instantly could soon become a reality with the Reserve Bank of India [Get Quote] considering proposals to allow non-banking entities like online money transfer portals to undertake wire transfers for outward remittances from India.
At the moment the facility is limited to inward remittances, while only banks are permitted to carry out outward remittance orders. Read more
Sending money overseas instantly could soon become a reality with the Reserve Bank of India [Get Quote] considering proposals to allow non-banking entities like online money transfer portals to undertake wire transfers for outward remittances from India.
At the moment the facility is limited to inward remittances, while only banks are permitted to carry out outward remittance orders. Read more
PHILIPPINES: Remittances seen growing 13% to $16.9B
By Doris Dumlao
Philippine Daily Inquirer
Posted date: December 25, 2008
MANILA, Philippines—The Philippine banking system will likely capture $16.3 billion in overseas Filipino remittances this year, up 13 percent from a year ago, despite the major global economic downturn, the Bangko Sentral ng Pilipinas estimated.
Including money sent home through non-banking channels, remittances this year will likely total $16.9 billion or about 10 percent of domestic economic output, BSP officials said in a press briefing.
Largely owing to these remittances, the BSP has projected that the country could end the year with a modest balance-of-payments surplus of $500 million, much smaller than the record-high $8.5 billion in 2007.
Large foreign capital outflows triggered by the US-centered global financial crisis trimmed the country’s BOP surplus this year, but overseas remittances as well as receipts from business process outsourcing supported a sustained surplus, Bango Sentral Deputy Governor Diwa Guinigundo said.
The BOP measures the foreign exchange transactions between the local economy and the rest of the world. Any transaction that gives rise to a payment by a Philippine resident like importation or debt servicing is a deficit item in the BOP while any that gives rise to a receipt like borrowing, exporting or overseas Filipino remittance is a surplus item. Read more
Philippine Daily Inquirer
Posted date: December 25, 2008
MANILA, Philippines—The Philippine banking system will likely capture $16.3 billion in overseas Filipino remittances this year, up 13 percent from a year ago, despite the major global economic downturn, the Bangko Sentral ng Pilipinas estimated.
Including money sent home through non-banking channels, remittances this year will likely total $16.9 billion or about 10 percent of domestic economic output, BSP officials said in a press briefing.
Largely owing to these remittances, the BSP has projected that the country could end the year with a modest balance-of-payments surplus of $500 million, much smaller than the record-high $8.5 billion in 2007.
Large foreign capital outflows triggered by the US-centered global financial crisis trimmed the country’s BOP surplus this year, but overseas remittances as well as receipts from business process outsourcing supported a sustained surplus, Bango Sentral Deputy Governor Diwa Guinigundo said.
The BOP measures the foreign exchange transactions between the local economy and the rest of the world. Any transaction that gives rise to a payment by a Philippine resident like importation or debt servicing is a deficit item in the BOP while any that gives rise to a receipt like borrowing, exporting or overseas Filipino remittance is a surplus item. Read more
RWANDA: Transfers From Abroad - Remittances From Diaspora Up By 19 Percent
Thursday December 25, 2008 05:08:45 EST
Kigali, Dec 25, 2008 (The New Times/All Africa Global Media via COMTEX News Network) --
Money Transfers from Rwandans in the diaspora into the national economy have increased by 19.7 percent from US$103.03 million (Rwf57.3 billion) in 2007 to US$128.24 million (Rwf71.3 billion) as of November this year, the central bank governor said on Monday.
Francois Kanimba, head of the National Bank of Rwanda (NBR) said that data captured from specialised institutions like Western Union, Moneygram and Money Trans the firms involved in money transfer business show that US$32.61 million (Rwf18.1 billion) in 2007 was remitted into the economy compared to US$25.09 millions (Rwf16.2 billion) in 2006, an increase of 43.4 percent.
He was speaking at the Rwandan diaspora retreat. Kanimba said that inflows through specialised institutions amounted to US$98 millions in November this year but are expected to reach US$39 millions (Rwf21.7 billion) by end 2008, which represents an increase of 20 percent. Read More
Kigali, Dec 25, 2008 (The New Times/All Africa Global Media via COMTEX News Network) --
Money Transfers from Rwandans in the diaspora into the national economy have increased by 19.7 percent from US$103.03 million (Rwf57.3 billion) in 2007 to US$128.24 million (Rwf71.3 billion) as of November this year, the central bank governor said on Monday.
Francois Kanimba, head of the National Bank of Rwanda (NBR) said that data captured from specialised institutions like Western Union, Moneygram and Money Trans the firms involved in money transfer business show that US$32.61 million (Rwf18.1 billion) in 2007 was remitted into the economy compared to US$25.09 millions (Rwf16.2 billion) in 2006, an increase of 43.4 percent.
He was speaking at the Rwandan diaspora retreat. Kanimba said that inflows through specialised institutions amounted to US$98 millions in November this year but are expected to reach US$39 millions (Rwf21.7 billion) by end 2008, which represents an increase of 20 percent. Read More
TAJISKISTAN: Cash Flow From Tajik Migrants Stalls
By SABRINA TAVERNISE
Published: December 24, 2008
TOSH-TEPPA, Tajikistan — In poverty-stricken Tajikistan, the global financial crisis is measured in bags of flour.
At least that is how Bibisoro Sayidova sees it, as she looks for ways to feed her five children, since her husband, a migrant worker in Russia, stopped receiving his wages this fall. Now he is loading large sacks of dried fruit in Moscow on faith.
“Sometimes I cry when the kids don’t have socks or coats,” she said, mixing a stew of water, bread, onion and oil. “We’re still hoping he’ll get paid.” Read more
Published: December 24, 2008
TOSH-TEPPA, Tajikistan — In poverty-stricken Tajikistan, the global financial crisis is measured in bags of flour.
At least that is how Bibisoro Sayidova sees it, as she looks for ways to feed her five children, since her husband, a migrant worker in Russia, stopped receiving his wages this fall. Now he is loading large sacks of dried fruit in Moscow on faith.
“Sometimes I cry when the kids don’t have socks or coats,” she said, mixing a stew of water, bread, onion and oil. “We’re still hoping he’ll get paid.” Read more
Tuesday, 23 December 2008
Brazil's Real Opens Weaker On Profit Remittances
ue, Dec 23 2008, 12:01 GMT
http://www.djnewswires.com/eu
Brazil's Real Opens Weaker On Profit Remittances
SAO PAULO (Dow Jones)--The Brazilian real opened slightly weaker against the U.S. dollar Tuesday as multinationals companies made last minute end-of-year profit remittances.
The real started trade at BRL2.3950 per dollar on the Brazilian Commodities and Futures Exchange, or BM&F, weaker against the Monday close of BRL2.3900.
Traders said volume will likely be extremely thin Tuesday as there will be no settlement of operations on Dec. 24 and Dec. 25.
Recent months have seen a spate of heavy profit remittances by Brazilian subsidiaries of multinational companies. In many cases, the Brazilian subsidiaries are highly lucrative, with profits sent back to parent companies to cover losses in home operations. Read more
http://www.djnewswires.com/eu
Brazil's Real Opens Weaker On Profit Remittances
SAO PAULO (Dow Jones)--The Brazilian real opened slightly weaker against the U.S. dollar Tuesday as multinationals companies made last minute end-of-year profit remittances.
The real started trade at BRL2.3950 per dollar on the Brazilian Commodities and Futures Exchange, or BM&F, weaker against the Monday close of BRL2.3900.
Traders said volume will likely be extremely thin Tuesday as there will be no settlement of operations on Dec. 24 and Dec. 25.
Recent months have seen a spate of heavy profit remittances by Brazilian subsidiaries of multinational companies. In many cases, the Brazilian subsidiaries are highly lucrative, with profits sent back to parent companies to cover losses in home operations. Read more
INDIA: Global recession leads to decreased remittances from Punjab NRIs
The global economic recessionary trends have resulted in lesser remittances by the Non-Resident Indians (NRIs) to their native places in Punjab.
Ludhiana, Dec 23 : The global economic recessionary trends have resulted in lesser remittances by the Non-Resident Indians (NRIs) to their native places in Punjab.
According to experts, this year the number of these NRI visiting India has come down by 25 to 30 per cent. As against previous year's figure of 6,77,000, Punjabis from abroad visiting their homes in India, this year it has been estimated to be just 300,000.
"NRI from United States going to India is less by 25 to 30 per cent. NRIs visiting India from England and European countries like Italy and Holland have also been reduced," said Kamaljeet Hayre, Perisdent NRI Sabha, Ludhiana. Read more
Ludhiana, Dec 23 : The global economic recessionary trends have resulted in lesser remittances by the Non-Resident Indians (NRIs) to their native places in Punjab.
According to experts, this year the number of these NRI visiting India has come down by 25 to 30 per cent. As against previous year's figure of 6,77,000, Punjabis from abroad visiting their homes in India, this year it has been estimated to be just 300,000.
"NRI from United States going to India is less by 25 to 30 per cent. NRIs visiting India from England and European countries like Italy and Holland have also been reduced," said Kamaljeet Hayre, Perisdent NRI Sabha, Ludhiana. Read more
Sunday, 21 December 2008
UNITED NATIONS EXPERTS DRAW ATTENTION TO SITUATION OF CHILDREN AFFECTED BY MIGRATION ON OCCASION OF INTERNATIONAL MIGRANTS DAY 2008
18 December 2008
The Chairperson of the Committee on Migrant Workers, Abdelhamid El Jamri, and the special rapporteur on the human rights of migrants, Jorge Bustamante, issued the following statement today, on the occasion of International Migrants Day 2008 (18 December):
“Over the last number of years, the international community has paid much attention to the economic dimension of migration and to the links between migration and development, but it has paid much less attention to other aspects of migration, such as the rights of the migrant workers and members of their families.
Today, as we celebrate International Migrants Day 2008, we would like to draw your attention to the many children whose lives are affected by migration. Read more
The Chairperson of the Committee on Migrant Workers, Abdelhamid El Jamri, and the special rapporteur on the human rights of migrants, Jorge Bustamante, issued the following statement today, on the occasion of International Migrants Day 2008 (18 December):
“Over the last number of years, the international community has paid much attention to the economic dimension of migration and to the links between migration and development, but it has paid much less attention to other aspects of migration, such as the rights of the migrant workers and members of their families.
Today, as we celebrate International Migrants Day 2008, we would like to draw your attention to the many children whose lives are affected by migration. Read more
French detention centre highlights mistreatment of migrants
8 December 2008
Men, women, children and infants are piled on mats in overcrowded cells. Food is strewn all over the kitchen and the toilets are overflowing. Children dig in rubbish bins. Yellow biohazard bags are piled high just outside the door, suggesting serious medical issues and there's no sign of proper medical facilities. Conditions in the centre amount to inhuman and degrading treatment.
This is what can be seen in photographs and video footage sent anonymously to one French media outlet and to Amnesty International that highlights mistreatment of irregular migrants in a European Union country as the EU's political bodies allow longer detention of migrants. Read more
Men, women, children and infants are piled on mats in overcrowded cells. Food is strewn all over the kitchen and the toilets are overflowing. Children dig in rubbish bins. Yellow biohazard bags are piled high just outside the door, suggesting serious medical issues and there's no sign of proper medical facilities. Conditions in the centre amount to inhuman and degrading treatment.
This is what can be seen in photographs and video footage sent anonymously to one French media outlet and to Amnesty International that highlights mistreatment of irregular migrants in a European Union country as the EU's political bodies allow longer detention of migrants. Read more
Germany named Europe's top migrant destination
ublished: 2 Dec 08 14:53 CET
Online: http://www.thelocal.de/national/20081202-15857.html
Germany has been named Europe’s principal country of destination for migrants, according to the World Migration Report (WMR) 2008 released on Tuesday.
* Steinmeier tells ships worried about pirates to fly German flag - National (21 Dec 08)
* Madman bites off woman's nose - Society (21 Dec 08)
* German official moots accepting Guantánamo inmates - National (20 Dec 08)
As host to 10.1 million migrants in 2005, Germany was well ahead of the other top countries in the study by the International Organisation for Migration (IOM) on how globalisation is effecting human movement. France came in second with 6.5 million migrants, the United Kingdom had 5.4 million, Spain had 4.8 million, and Italy 2.5 million.
The ten countries reviewed in Europe all showed positive rates of growth in number of migrants from 2000 to 2005, but Spain and Italy recorded a stunning increase of 194.2 percent and 54.1 per cent respectively. Western and Central Europe hosted a total of 44.1 million migrants in 2005, many of whom came from neighbouring countries. That accounted for some 85 percent of the region’s population growth. Migrants make up an average of 15 percent of the population in Western European countries. Read more
Online: http://www.thelocal.de/national/20081202-15857.html
Germany has been named Europe’s principal country of destination for migrants, according to the World Migration Report (WMR) 2008 released on Tuesday.
* Steinmeier tells ships worried about pirates to fly German flag - National (21 Dec 08)
* Madman bites off woman's nose - Society (21 Dec 08)
* German official moots accepting Guantánamo inmates - National (20 Dec 08)
As host to 10.1 million migrants in 2005, Germany was well ahead of the other top countries in the study by the International Organisation for Migration (IOM) on how globalisation is effecting human movement. France came in second with 6.5 million migrants, the United Kingdom had 5.4 million, Spain had 4.8 million, and Italy 2.5 million.
The ten countries reviewed in Europe all showed positive rates of growth in number of migrants from 2000 to 2005, but Spain and Italy recorded a stunning increase of 194.2 percent and 54.1 per cent respectively. Western and Central Europe hosted a total of 44.1 million migrants in 2005, many of whom came from neighbouring countries. That accounted for some 85 percent of the region’s population growth. Migrants make up an average of 15 percent of the population in Western European countries. Read more
Italy migrants' state 'appalling'
The working conditions of many poor African migrants in rural areas of southern Italy are "appalling", the international medical charity MSF says.
The charity, which calls the workforce an invisible and vulnerable army, says migrants live in dilapidated buildings, with no electricity or running water.
Thousands of Africans, many of them without papers, seek jobs as fruit pickers in the Calabria region.
MSF says they are paid about 20 euros (£19; $29) for 12 hours' work daily.
"They live in disused houses, hangars or abandoned factories, with no running water, electricity or heat, often surrounded by rubbish that attracts rats and packs of stray dogs," said Antonio Virgilio, MSF's head of mission in Calabria. Read more
The charity, which calls the workforce an invisible and vulnerable army, says migrants live in dilapidated buildings, with no electricity or running water.
Thousands of Africans, many of them without papers, seek jobs as fruit pickers in the Calabria region.
MSF says they are paid about 20 euros (£19; $29) for 12 hours' work daily.
"They live in disused houses, hangars or abandoned factories, with no running water, electricity or heat, often surrounded by rubbish that attracts rats and packs of stray dogs," said Antonio Virgilio, MSF's head of mission in Calabria. Read more
International Migrants Day calls for change
aturday, December 20th 2008, 2:10 PM
'Twas the week before Christmas and all through the world International Migrants Day was commemorated on Dec. 18. But, here in New York City, where nearly 40% of the population is foreign-born, the date came and went practically unnoticed.
The United Nations General Assembly established International Migrants Day in 2000 to acknowledge the increasing numbers of migrants around the world and to recognize their economic, social and cultural contributions.
"We commemorate International Migrants Day this year while marking the 60th anniversary of the Universal Declaration of Human Rights, with its visionary commitment to dignity and justice for everyone, everywhere, always," UN Secretary General Ban Ki-moon said last week. Read more
'Twas the week before Christmas and all through the world International Migrants Day was commemorated on Dec. 18. But, here in New York City, where nearly 40% of the population is foreign-born, the date came and went practically unnoticed.
The United Nations General Assembly established International Migrants Day in 2000 to acknowledge the increasing numbers of migrants around the world and to recognize their economic, social and cultural contributions.
"We commemorate International Migrants Day this year while marking the 60th anniversary of the Universal Declaration of Human Rights, with its visionary commitment to dignity and justice for everyone, everywhere, always," UN Secretary General Ban Ki-moon said last week. Read more
Holiday traditions not forgotten by immigrants in diverse Southwest Florida
By ELYSA BATISTA (Contact)
Originally published 8:01 p.m., Saturday, December 20, 2008
Updated 8:01 p.m., Saturday, December 20, 2008
NAPLES — Just like their native-born counterparts, immigrant communities also feast on the spirit of the holiday season.
Holiday traditions from native lands aren’t forgotten. Instead, over the years, many traditions have been adapted or slightly adjusted to the new surroundings.
For Lee County attorney Miguel C. Fernández III, 46, the traditions of his native Cuba have evolved since his family moved to New Jersey 41 years ago. Read more
Originally published 8:01 p.m., Saturday, December 20, 2008
Updated 8:01 p.m., Saturday, December 20, 2008
NAPLES — Just like their native-born counterparts, immigrant communities also feast on the spirit of the holiday season.
Holiday traditions from native lands aren’t forgotten. Instead, over the years, many traditions have been adapted or slightly adjusted to the new surroundings.
For Lee County attorney Miguel C. Fernández III, 46, the traditions of his native Cuba have evolved since his family moved to New Jersey 41 years ago. Read more
IRELAND: Migrants earning as little as €2 an hour
By Anne-Marie Walsh Industry Correspondent
Wednesday December 17 2008
MORE than half of migrants who work in restaurants earn less than the minimum wage and the majority get no overtime or Sunday pay.
A new report has revealed that some workers earn just €2 an hour and some work up to 75 hours a week.
The Migrant Rights Centre last night said the study showed some of the worst abuses of employment rights.
It called on the government to take immediate action to end exploitation in the industry. Read more
Wednesday December 17 2008
MORE than half of migrants who work in restaurants earn less than the minimum wage and the majority get no overtime or Sunday pay.
A new report has revealed that some workers earn just €2 an hour and some work up to 75 hours a week.
The Migrant Rights Centre last night said the study showed some of the worst abuses of employment rights.
It called on the government to take immediate action to end exploitation in the industry. Read more
Polish migrant workers feel the chill
Polish workers now quitting the recession-blighted UK will tuck into their festive dish of carp this Christmas safe from the censure of Britons, who prefer turkey. In Poland, carp are food, especially at Christmas. But in Bedford, Poles who caught and killed the delicacy were branded “barbarians” by the local newspaper, according to Urszula Jukes, director of Access Europe, a local recruitment business.
Polski hydraulik/AFP
Mrs Jukes, 35, blames the media for a broader deterioration in the never very cordial welcome the UK has extended to its 800,000 Polish migrant workers, 9,000 of whom live in this comfortable market town. “They wrote that Poles were only here to claim benefits, which was untrue,” says Mrs Jukes.
When the UK opened its borders to European Union accession countries in 2004, the strong economy lured an influx of eastern European job seekers. “How dare they come over here, doing work Britons do not want for less money than Britons would demand,” was the refrain of comedians parodying a reaction of mingled xenophobia and gratitude. But now Poles are at the bleeding edge of the downturn, concentrated in badly hit sectors such as construction, often as vulnerable subcontractors and agency workers. A reverse migration has begun. Read more
Polski hydraulik/AFP
Mrs Jukes, 35, blames the media for a broader deterioration in the never very cordial welcome the UK has extended to its 800,000 Polish migrant workers, 9,000 of whom live in this comfortable market town. “They wrote that Poles were only here to claim benefits, which was untrue,” says Mrs Jukes.
When the UK opened its borders to European Union accession countries in 2004, the strong economy lured an influx of eastern European job seekers. “How dare they come over here, doing work Britons do not want for less money than Britons would demand,” was the refrain of comedians parodying a reaction of mingled xenophobia and gratitude. But now Poles are at the bleeding edge of the downturn, concentrated in badly hit sectors such as construction, often as vulnerable subcontractors and agency workers. A reverse migration has begun. Read more
Christmas Looks Grim For Jobless Migrants In Spain
Madrid - For Maria G., a 40-year-old Ecuadorian immigrant in Madrid, it is a grim Christmas ahead.
"Since my husband lost his construction job six months ago, we have only relied on my earnings," says the bakery employee and housemaid, one among hundreds of thousands of immigrants to have been hit hard by Spain's deepening economic crisis.
"We could not even dream of giving each other presents this Christmas," Maria sighs, explaining that she always sends more than half of her monthly income of about 1,000 euros (1,400 dollars) to her children and other relatives back in Latin America.
"We will have just one Christmas meal with friends, each of us contributing one dish," Maria explains. "Maybe pork, and some sweets. That will strictly be it." Read more
"Since my husband lost his construction job six months ago, we have only relied on my earnings," says the bakery employee and housemaid, one among hundreds of thousands of immigrants to have been hit hard by Spain's deepening economic crisis.
"We could not even dream of giving each other presents this Christmas," Maria sighs, explaining that she always sends more than half of her monthly income of about 1,000 euros (1,400 dollars) to her children and other relatives back in Latin America.
"We will have just one Christmas meal with friends, each of us contributing one dish," Maria explains. "Maybe pork, and some sweets. That will strictly be it." Read more
JAMAICA: Tough times at Christmas
Merchants report downturn in holiday sales
BY KIMONE THOMPSON Sunday Observer senior reporter thompsonk@jamaicaobserver.com
Sunday, December 21, 2008
THE weekend before Christmas is usually one of the busiest shopping periods of the year but from the looks of things in some shopping districts in Kingston and St Catherine yesterday, merchants will not reap the same level of sales they did in years past.
"If last year was 100 per cent, this year is 80 per cent," Robert George of Royale Jewellers said of yesterday's volume of traffic in his store and the sales that came with it. The sales he did make, he said, were more for jewellery and watches than for small appliances, which the store also stocks. Read more
BY KIMONE THOMPSON Sunday Observer senior reporter thompsonk@jamaicaobserver.com
Sunday, December 21, 2008
THE weekend before Christmas is usually one of the busiest shopping periods of the year but from the looks of things in some shopping districts in Kingston and St Catherine yesterday, merchants will not reap the same level of sales they did in years past.
"If last year was 100 per cent, this year is 80 per cent," Robert George of Royale Jewellers said of yesterday's volume of traffic in his store and the sales that came with it. The sales he did make, he said, were more for jewellery and watches than for small appliances, which the store also stocks. Read more
JORDAN: Economist: Global crisis positively impacts Jordan
December 20, 2008 2:45 am by pna
AMMAN, Dec. 19 — The global financial crisis is expected to have a positive impact on Jordan's economy as an increase may been seen in inward flow of remittances and investments, local daily The Jordan Times Friday quoted a leading economist as saying.
Jordanian expatriates' consumption behavior, especially in the Gulf states, where the majority of remittances come from, is likely to change in light of the crisis, which means more savings, Consulting Group (EnConsult) CEO Yusuf Mansur said on Thursday.
Interest rate in Jordanian banks is still higher than that in the banks in Dubai, for example, which will encourage to deposit the money in Jordanian banks, added Mansur.
According to the government, workers' remittances to Jordan during the January-August period of this year exceeded 3 billion dollars. Read more
AMMAN, Dec. 19 — The global financial crisis is expected to have a positive impact on Jordan's economy as an increase may been seen in inward flow of remittances and investments, local daily The Jordan Times Friday quoted a leading economist as saying.
Jordanian expatriates' consumption behavior, especially in the Gulf states, where the majority of remittances come from, is likely to change in light of the crisis, which means more savings, Consulting Group (EnConsult) CEO Yusuf Mansur said on Thursday.
Interest rate in Jordanian banks is still higher than that in the banks in Dubai, for example, which will encourage to deposit the money in Jordanian banks, added Mansur.
According to the government, workers' remittances to Jordan during the January-August period of this year exceeded 3 billion dollars. Read more
Spanish Remittances Fall
BY JAN SMITH
AND LUIS SOLER
Latin American remittances from Spain will decrease by 10 percent by the end of the first quarter of 2009
Remittances are a basic mechanism for the development of recipient countries, but it is vulnerable to economic downturns. In the wake of the economic slowdown, remittances sent by immigrants living in Spain have gradually fallen off in recent months. This is the logical effect associated with higher rates of unemployment in the construction and real estate sectors, and to a lesser extent, in services. Recipient countries are beginning to feel the “aftershocks” of the Spanish economic crisis as they receive less funds from their emigrants abroad. Read more
AND LUIS SOLER
Latin American remittances from Spain will decrease by 10 percent by the end of the first quarter of 2009
Remittances are a basic mechanism for the development of recipient countries, but it is vulnerable to economic downturns. In the wake of the economic slowdown, remittances sent by immigrants living in Spain have gradually fallen off in recent months. This is the logical effect associated with higher rates of unemployment in the construction and real estate sectors, and to a lesser extent, in services. Recipient countries are beginning to feel the “aftershocks” of the Spanish economic crisis as they receive less funds from their emigrants abroad. Read more
MOLDOVA: October remittances 11% down
The Moldovans that work abroad send less money home. Remittances in October fell by 11% from September. Experts say the decrease in the volume of remittances is an effect of the world economic crisis.
The Moldovans that work abroad send less money home. Remittances in October fell by 11% from September. Experts say the decrease in the volume of remittances is an effect of the world economic crisis.
The over 450,000 Moldovans working abroad in October sent home US$139.4 million, down over US$17 million from September. Remittances began to decrease in volume in August. In July, they totaled about US$181 million. Read more
The Moldovans that work abroad send less money home. Remittances in October fell by 11% from September. Experts say the decrease in the volume of remittances is an effect of the world economic crisis.
The over 450,000 Moldovans working abroad in October sent home US$139.4 million, down over US$17 million from September. Remittances began to decrease in volume in August. In July, they totaled about US$181 million. Read more
Saturday, 20 December 2008
Russia's migrants face attacks in economic slump
Remittances _ the money migrants send home to their families _ are critical to the economies of many former Soviet nations, and they are drying up as workers leave.
About 1.5 million of Tajikistan's population of 7 million work in Russia, and their remittances amount to about two-fifths of the country's GDP, the World Bank said. Uzbekistan, Kyrgyzstan, Armenia and Georgia also rely heavily on citizens who work abroad.
Moldova, Europe's poorest country, depends on remittances from the 2 million Moldovans working in Russia for almost 40 percent of its GDP. Deputy prime minister Igor Dodon told the Interfax news agency that half a million labor migrants from Moldova will return before the year's end. Read more
About 1.5 million of Tajikistan's population of 7 million work in Russia, and their remittances amount to about two-fifths of the country's GDP, the World Bank said. Uzbekistan, Kyrgyzstan, Armenia and Georgia also rely heavily on citizens who work abroad.
Moldova, Europe's poorest country, depends on remittances from the 2 million Moldovans working in Russia for almost 40 percent of its GDP. Deputy prime minister Igor Dodon told the Interfax news agency that half a million labor migrants from Moldova will return before the year's end. Read more
ZIMBABWE; UK SMS-based coupon remittance service for Zimbabweans goes global
Mukuru, an inflation-busting SMS-based coupon remittance programme for ex-pat Zimbabweans living in the UK, is expanding globally through an alliance with e-payments outfit Moneybookers.
Set up by UK-based Zimbabweans in 2004 with its first transfers in 2007, Mukuru allows ex-pats to remit value to friends or relatives through their mobile phone.
The service delivers text message coupons to recipients which can be redeemed for actual goods across a network of local stores, banks and petrol stations.
This enables them to bypass the Zimbabwe dollar and therefore hyperinflation, which is running at over 13.2 billion per cent a month, according to an index from the Cato Institute in Washington. Read more
Set up by UK-based Zimbabweans in 2004 with its first transfers in 2007, Mukuru allows ex-pats to remit value to friends or relatives through their mobile phone.
The service delivers text message coupons to recipients which can be redeemed for actual goods across a network of local stores, banks and petrol stations.
This enables them to bypass the Zimbabwe dollar and therefore hyperinflation, which is running at over 13.2 billion per cent a month, according to an index from the Cato Institute in Washington. Read more
Russia's migrants face attacks in economic slump
MANSUR MIROVALEV
The Associated Press
MOSCOW - Even by the standards of Moscow's xenophobic thugs it was a horrific attack: A group of skinheads gunned down Tajik migrant Salokhiddin Azizov on a Moscow region street, cut off his head and emailed a picture of the gruesome trophy to rights groups.
This week, Azizov was buried in his mountain village , a funeral in which mourners' grief mixed with rage. "They ... cursed Moscow," Azizov's uncle, Rakhmatsho, told The Associated Press on Thursday by telephone.
Like millions of others from impoverished former Soviet republics, the 20-year-old Azizov, who was killed Dec. 5, fled poverty for a low-paying job in Moscow's once-booming economy. Now, experts say, the rapidly spreading economic crisis , Russia's worst in a decade , has triggered a spike in hate attacks against non-Slavic migrants with Asian or Middle-Eastern features.
More than 100 foreigners have been killed in apparent hate attacks this year, four times more than in 2004, according to the Moscow Bureau for Human Rights.
Read more
The Associated Press
MOSCOW - Even by the standards of Moscow's xenophobic thugs it was a horrific attack: A group of skinheads gunned down Tajik migrant Salokhiddin Azizov on a Moscow region street, cut off his head and emailed a picture of the gruesome trophy to rights groups.
This week, Azizov was buried in his mountain village , a funeral in which mourners' grief mixed with rage. "They ... cursed Moscow," Azizov's uncle, Rakhmatsho, told The Associated Press on Thursday by telephone.
Like millions of others from impoverished former Soviet republics, the 20-year-old Azizov, who was killed Dec. 5, fled poverty for a low-paying job in Moscow's once-booming economy. Now, experts say, the rapidly spreading economic crisis , Russia's worst in a decade , has triggered a spike in hate attacks against non-Slavic migrants with Asian or Middle-Eastern features.
More than 100 foreigners have been killed in apparent hate attacks this year, four times more than in 2004, according to the Moscow Bureau for Human Rights.
Read more
Global remittances outpace ODA inflows - WB study
By Ted P. Torres Updated December 10, 2008 12:00 AM
Global remittances from overseas workers and migrants are outpacing the inflow of official official development funds, a World Bank study showed.
In the study, the World Bank said the approximately 200 million migrants around the world will likely send home $283 billion this year, 6.7 percent higher than the $265 billion remitted in 2007.
These remittances are coursed through the bank and non-bank financial sector and global money transfers companies, and do not include those coming from informal channels, the World Bank said.
In contrast, official development funds have been averaging more than $100 billion annually. Read more
Global remittances from overseas workers and migrants are outpacing the inflow of official official development funds, a World Bank study showed.
In the study, the World Bank said the approximately 200 million migrants around the world will likely send home $283 billion this year, 6.7 percent higher than the $265 billion remitted in 2007.
These remittances are coursed through the bank and non-bank financial sector and global money transfers companies, and do not include those coming from informal channels, the World Bank said.
In contrast, official development funds have been averaging more than $100 billion annually. Read more
Remittances Hit $283bn
espite the lingering global economic turmoil, the World Bank expects remittances to developing nations from their citizens abroad to grow by about $18 billion or 6.79 percent by the end of this year.
The Bank said remittances to the afore-mentioned nations including Ghana will rise from $265 billion to $283 billion by the end of 2008.
The inflow is expected from the estimated 200 million migrants around the world, a new World Bank report on migration and remittances has stated.
The growth in remittances is not likely to be sustained, the report noted, as it is projected to slow down and even fall from 6.7 percent to 0.9 percent in 2009.
Read more
The Bank said remittances to the afore-mentioned nations including Ghana will rise from $265 billion to $283 billion by the end of 2008.
The inflow is expected from the estimated 200 million migrants around the world, a new World Bank report on migration and remittances has stated.
The growth in remittances is not likely to be sustained, the report noted, as it is projected to slow down and even fall from 6.7 percent to 0.9 percent in 2009.
Read more
BANGLADESH: Bangladesh to offer benefits to expatriate workers to boost remittance
DHAKA, Dec. 19 (Xinhua) -- The Bangladeshi caretaker government has decided to offer special benefits to the country's several million expatriate workers to boost inflow of remittance.
Abdul Malek, director general of Bangladesh's Ministry of Expatriates' Welfare and Overseas Employment, told Xinhua on Friday, "We'll provide Identity Cards with special status to the expatriate workers, who will annually send home money equivalent to 5,000 U.S. dollars through official channels." Read more
Abdul Malek, director general of Bangladesh's Ministry of Expatriates' Welfare and Overseas Employment, told Xinhua on Friday, "We'll provide Identity Cards with special status to the expatriate workers, who will annually send home money equivalent to 5,000 U.S. dollars through official channels." Read more
Monday, 15 December 2008
KENYA: M-PESA Burns Up the Front Pages
Vodafone’s M-PESA service continues to stir up attention, launching international remittances and stirring up questions about regulating nonbanks offering financial services.
Last Monday, Vodafone announced a tie-up with Western Union to enable customers to use mobile phones to initiate and receive international remittances between the UK and Kenya.
The service has two anchors. It uses Western Union’s existing remittance systems ($64 billion in cross-border remittances last year) to provide the connection between the UK and Kenya. Delivery will happen via the more than 4,000 merchants who already act as cash-handling agents for M-PESA. M-PESA is the successful domestic mobile payment service operated by Vodafone’s Kenyan affiliate ( Safaricom). In less than 2 years, more than 4 million Kenyans have signed up for M-PESA. Safaricom processes transactions worth approx. USD 120 million per month. Read more
Last Monday, Vodafone announced a tie-up with Western Union to enable customers to use mobile phones to initiate and receive international remittances between the UK and Kenya.
The service has two anchors. It uses Western Union’s existing remittance systems ($64 billion in cross-border remittances last year) to provide the connection between the UK and Kenya. Delivery will happen via the more than 4,000 merchants who already act as cash-handling agents for M-PESA. M-PESA is the successful domestic mobile payment service operated by Vodafone’s Kenyan affiliate ( Safaricom). In less than 2 years, more than 4 million Kenyans have signed up for M-PESA. Safaricom processes transactions worth approx. USD 120 million per month. Read more
INDIA: Outward remittances stand at USD 431 mn up to Sep`08
The outward remittances by resident individuals for different reasons like buying shares, property in a foreign country, making deposits or donations as also education and tours and travels overseas has witnessed an increase over the last couple of years.
Outward remittances stood at USD 431 million in the first six months of the current financial year against USD 440.5 million during the whole of 2007 and 2008, according to the data available with the Reserve Bank of India (RBI).
A large part of the remittance amounting to USD 233 million was under the `others` category out of total remittance of USD 431 million. Read more
Outward remittances stood at USD 431 million in the first six months of the current financial year against USD 440.5 million during the whole of 2007 and 2008, according to the data available with the Reserve Bank of India (RBI).
A large part of the remittance amounting to USD 233 million was under the `others` category out of total remittance of USD 431 million. Read more
Lebanese send more money home in 2008, but crisis may slow remittances
Daily Star staff
Monday, December 15, 2008
BEIRUT: In its first update on the inflow of remittances to developing countries since the outbreak of the global financial crisis, the World Bank estimated remittance inflows to Lebanon at $6 billion in 2008, constituting an increase of 4 percent from 2007, according to a report in Lebanon This Week, the economic publication of the Byblos Bank Group.
Lebanon's remittances stood at $5.77 billion in 2007, $5.2 billion in 2006 and $4.9 billion in 2005, according to the report.
Globally, Lebanon was the 18th largest recipient of remittances in 2008, ranking ahead of Vietnam, Serbia and Montenegro and Ukraine, and coming immediately behind Indonesia, Morocco and Pakistan. Read more
Monday, December 15, 2008
BEIRUT: In its first update on the inflow of remittances to developing countries since the outbreak of the global financial crisis, the World Bank estimated remittance inflows to Lebanon at $6 billion in 2008, constituting an increase of 4 percent from 2007, according to a report in Lebanon This Week, the economic publication of the Byblos Bank Group.
Lebanon's remittances stood at $5.77 billion in 2007, $5.2 billion in 2006 and $4.9 billion in 2005, according to the report.
Globally, Lebanon was the 18th largest recipient of remittances in 2008, ranking ahead of Vietnam, Serbia and Montenegro and Ukraine, and coming immediately behind Indonesia, Morocco and Pakistan. Read more
PHILIPPINES: 2008 OFW Remittances: Year-on-year Growth Rate Comparison Global slowdown drags October remittances to weakest pace
Remittances from Filipinos based overseas grew 3.3 percent in October, its the weakest pace in over a year, data from the Bangko Sentral ng Pilipinas showed.
Overseas Filipino Workers (OFWs) sent home $1.43 billion in October, the second highest volume on record. However, in terms of annual increases, the October data is the lowest since June 2007 when inflows rose just 1 percent. It is also the second single-digit growth rate in 2008, apart from March, a traditionally weak month for remittances.
In September, the $1.33 billion total remittances accounted for a 17 percent growth compared to the same month last year.
Thus, the dismal 3.3 percent increase in October essentially confirms analysts' expectations that the pace of remittances would slow down as the global credit crisis and recession in the developed countries put jobs--including those of migrant workers'--at risk. Read more
Overseas Filipino Workers (OFWs) sent home $1.43 billion in October, the second highest volume on record. However, in terms of annual increases, the October data is the lowest since June 2007 when inflows rose just 1 percent. It is also the second single-digit growth rate in 2008, apart from March, a traditionally weak month for remittances.
In September, the $1.33 billion total remittances accounted for a 17 percent growth compared to the same month last year.
Thus, the dismal 3.3 percent increase in October essentially confirms analysts' expectations that the pace of remittances would slow down as the global credit crisis and recession in the developed countries put jobs--including those of migrant workers'--at risk. Read more
PHILIPPINES: 2008 OFW Remittances: Year-on-year Growth Rate Comparison Global slowdown drags October remittances to weakest pace
Remittances from Filipinos based overseas grew 3.3 percent in October, its the weakest pace in over a year, data from the Bangko Sentral ng Pilipinas showed.
Overseas Filipino Workers (OFWs) sent home $1.43 billion in October, the second highest volume on record. However, in terms of annual increases, the October data is the lowest since June 2007 when inflows rose just 1 percent. It is also the second single-digit growth rate in 2008, apart from March, a traditionally weak month for remittances.
In September, the $1.33 billion total remittances accounted for a 17 percent growth compared to the same month last year.
Thus, the dismal 3.3 percent increase in October essentially confirms analysts' expectations that the pace of remittances would slow down as the global credit crisis and recession in the developed countries put jobs--including those of migrant workers'--at risk. Read more
Overseas Filipino Workers (OFWs) sent home $1.43 billion in October, the second highest volume on record. However, in terms of annual increases, the October data is the lowest since June 2007 when inflows rose just 1 percent. It is also the second single-digit growth rate in 2008, apart from March, a traditionally weak month for remittances.
In September, the $1.33 billion total remittances accounted for a 17 percent growth compared to the same month last year.
Thus, the dismal 3.3 percent increase in October essentially confirms analysts' expectations that the pace of remittances would slow down as the global credit crisis and recession in the developed countries put jobs--including those of migrant workers'--at risk. Read more
JAMAICA: Drop in remittances, tourism to hit Caribbean, says IMF boss
riday, December 12, 2008
Caribbean nations are likely to feel the impact of the global financial crisis through a drop in remittances from overseas workers and tourism revenues, the head of the International Monetary Fund said on Wednesday.
"The Caribbean region will inevitably be impacted by the challenges confronting the global economy, particularly given the region's close ties to the US economy," Dominique Strauss-Kahn, the IMF's managing director, said in a prepared speech for delivery in the Jamaican capital.
While Jamaica has a small island economy, it has been directly hit by the global liquidity squeeze that has slowed private capital flows and made it difficult for governments to raise financing. Its currency and foreign exchange reserves have also come under pressure. Read More
Caribbean nations are likely to feel the impact of the global financial crisis through a drop in remittances from overseas workers and tourism revenues, the head of the International Monetary Fund said on Wednesday.
"The Caribbean region will inevitably be impacted by the challenges confronting the global economy, particularly given the region's close ties to the US economy," Dominique Strauss-Kahn, the IMF's managing director, said in a prepared speech for delivery in the Jamaican capital.
While Jamaica has a small island economy, it has been directly hit by the global liquidity squeeze that has slowed private capital flows and made it difficult for governments to raise financing. Its currency and foreign exchange reserves have also come under pressure. Read More
JAMAICA: FX market underpinnings sound
Sunday, December 14, 2008
The dramatic fall in the Jamaican dollar against the US dollar over the last few months has brought fear among the business community that the dollar will continue to fall precipitously.
JN Fund manager general manager Keith Senior
But at least one analyst, JN Fund Managers general manager Keith Senior, believes the fears are misplaced.
Between September and October the local currency lost approximately five per cent of its value relative to the US currency. Senior was of the view that this rapid slide was not justified once a careful analysis of the country's foreign exchange position is undertaken. Read more
The dramatic fall in the Jamaican dollar against the US dollar over the last few months has brought fear among the business community that the dollar will continue to fall precipitously.
JN Fund manager general manager Keith Senior
But at least one analyst, JN Fund Managers general manager Keith Senior, believes the fears are misplaced.
Between September and October the local currency lost approximately five per cent of its value relative to the US currency. Senior was of the view that this rapid slide was not justified once a careful analysis of the country's foreign exchange position is undertaken. Read more
VIETNAM: Remittances On The Rise
Posted by Danny Lee in News (Saturday December 13, 2008 at 8:25 pm)
Despite the negative impacts of the global economic crisis, remittances from overseas to HCM City this year have increased steadily. In the past 11 months, they have reached US$4.5 billion, said Ho Huu Hanh, director of the State Bank of Vietnam’s HCM City branch.
The $4.5 billion was sent through the banking system, and the World Bank estimates Viet Nam will receive $5.5 billion by the end of the year.
Hanh attributed the increased inflow to the fact that the interest rate for US dollars held in Vietnamese banks is higher than in the US. Read more
Despite the negative impacts of the global economic crisis, remittances from overseas to HCM City this year have increased steadily. In the past 11 months, they have reached US$4.5 billion, said Ho Huu Hanh, director of the State Bank of Vietnam’s HCM City branch.
The $4.5 billion was sent through the banking system, and the World Bank estimates Viet Nam will receive $5.5 billion by the end of the year.
Hanh attributed the increased inflow to the fact that the interest rate for US dollars held in Vietnamese banks is higher than in the US. Read more
Philippines falling behind India, China in race for remittances
Mumbai: Sonny del Pilar tried for eight years to get work as a sailor so he could join the Philippines’ 8.7 million overseas workers, sending money to his brother’s family of nine rather than living with them in a Manila slum.
Around 1,200 Filipinos have lost jobs overseas this year and as many as 50,000 more may be laid off next year.
The 33-year-old gave up this year and set up a small shop in front of his house selling stuffed toys. He says competition from Indians, Bangladeshis and Syrians is making it harder for Filipinos to find jobs as seamen.
“I work not just for myself but for my family and my siblings,” del Pilar said in Manila. “I don’t know if I can still find work abroad. It depends on God’s will.”
The Philippines, which, for four decades has sent what the government called modern heroes to work overseas, is facing the first decline in remittances in eight years. A global recession is reducing job opportunities abroad just as a surge in cheaper labour from China, India and elsewhere ramps up competition. That’s threatening revenue that accounts for more than one-tenth of the Philippines’ $144 billion (around Rs7 trillion) economy. Read more
Around 1,200 Filipinos have lost jobs overseas this year and as many as 50,000 more may be laid off next year.
The 33-year-old gave up this year and set up a small shop in front of his house selling stuffed toys. He says competition from Indians, Bangladeshis and Syrians is making it harder for Filipinos to find jobs as seamen.
“I work not just for myself but for my family and my siblings,” del Pilar said in Manila. “I don’t know if I can still find work abroad. It depends on God’s will.”
The Philippines, which, for four decades has sent what the government called modern heroes to work overseas, is facing the first decline in remittances in eight years. A global recession is reducing job opportunities abroad just as a surge in cheaper labour from China, India and elsewhere ramps up competition. That’s threatening revenue that accounts for more than one-tenth of the Philippines’ $144 billion (around Rs7 trillion) economy. Read more
MEXICO: Strong dollar means Mexico migrants send more home
By MARIA GALLUCCI
The Associated Press
Sunday, December 14, 2008
MEXICO CITY — Victoria Servin shows off her new pair of black leather boots, a splurge for the 21-year-old student who lives alone in an aging, one-room apartment.
Servin survives on the $1,000 a month her mother, a nurse in Phoenix, sends her to pay tuition, rent, food and bus fare. But as the peso slips to historic lows, the U.S. dollar is going much further in Mexico City - giving her more cash than she has ever had before.
"There's a huge difference now when my mom sends the same amount as she used to," she said with a smile.
The U.S. dollar has gained 34 percent against the peso since Aug. 1 as investors shed developing world assets and fled to the relative safety of the greenback. That stronger dollar means money sent home buys much more in Mexico - a wage hike of sorts for the relatives of migrants lucky enough to still find jobs in the U.S. or for migrants using U.S. earnings to buy property back in Mexico. Read more
The Associated Press
Sunday, December 14, 2008
MEXICO CITY — Victoria Servin shows off her new pair of black leather boots, a splurge for the 21-year-old student who lives alone in an aging, one-room apartment.
Servin survives on the $1,000 a month her mother, a nurse in Phoenix, sends her to pay tuition, rent, food and bus fare. But as the peso slips to historic lows, the U.S. dollar is going much further in Mexico City - giving her more cash than she has ever had before.
"There's a huge difference now when my mom sends the same amount as she used to," she said with a smile.
The U.S. dollar has gained 34 percent against the peso since Aug. 1 as investors shed developing world assets and fled to the relative safety of the greenback. That stronger dollar means money sent home buys much more in Mexico - a wage hike of sorts for the relatives of migrants lucky enough to still find jobs in the U.S. or for migrants using U.S. earnings to buy property back in Mexico. Read more
PAKISTAN: Remittances rise by 15pc to $2.967b during July-Nov FY09
Source: OUR STAFF REPORTER submitted 1 day 4 hours ago
The inflow of remittances in the July-November, 2008 period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $767.12 million, $600.25 million, $534.25 million, $496.21 million, $188.95 million and $81.02 million respectively as compared to $733.76 million, $481.81 million, $423.00 million, $380.00 million, $197.41 million and $76.09 million respectively in the July-November, 2007 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first five months of the current fiscal year 2008-09 amounted to $298.39m as against $294.03m in the same period last year.
The monthly average remittances for the period July-November, 2008 comes out to $593.30 million as compared to $517.41 million during the same corresponding period of the last fiscal year, registering an increase of 14.67 percent.
During last month i.e. November 2008 remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $146.16 million, $140.19 million, $105.45 million, $100.74 million, $39.18 million and $15.87 million respectively during November, 2008 as compared to $88.18 million, $142.95 million, $90.90 million, $77.86 million, $32.91 million and $15.41m in November 2007. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November 2008 amounted to $72.77m.
Read more
The inflow of remittances in the July-November, 2008 period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $767.12 million, $600.25 million, $534.25 million, $496.21 million, $188.95 million and $81.02 million respectively as compared to $733.76 million, $481.81 million, $423.00 million, $380.00 million, $197.41 million and $76.09 million respectively in the July-November, 2007 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first five months of the current fiscal year 2008-09 amounted to $298.39m as against $294.03m in the same period last year.
The monthly average remittances for the period July-November, 2008 comes out to $593.30 million as compared to $517.41 million during the same corresponding period of the last fiscal year, registering an increase of 14.67 percent.
During last month i.e. November 2008 remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $146.16 million, $140.19 million, $105.45 million, $100.74 million, $39.18 million and $15.87 million respectively during November, 2008 as compared to $88.18 million, $142.95 million, $90.90 million, $77.86 million, $32.91 million and $15.41m in November 2007. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November 2008 amounted to $72.77m.
Read more
INDIA: Outward remittances on the rise: RBI
There has been a sharp rise in the outward remittances by resident individuals over the last couple of years, according to the data available with the Reserve Bank of India (RBI).
The outward remittances for different reasons such as buying shares, property in a foreign country, making deposits or donations as also education and tours and travels overseas stood at $431 million in the first six months of the current financial year against $440.5 million during the whole 2007-08, the RBI data revealed.
The Reserve Bank had introduced 'Liberalised Remittance Scheme' in February 2004 to facilitate resident individuals to freely remit up to $25,000 per calender year.
Subsequently, the apex bank, in phases, increased the amount that could be remitted. Presently, individuals are allowed to remit upto $2,00,000 per financial year for any permitted current or capital account transactions.
The response to the scheme in the initial years was poor with only $9.6 million remitted during 2004-05 and $25 million remitted during 2005-06. The remittances went up marginally to $72.8 million in 2006-07 and sharply higher at $440.5 million in 2007-08. Read more
The outward remittances for different reasons such as buying shares, property in a foreign country, making deposits or donations as also education and tours and travels overseas stood at $431 million in the first six months of the current financial year against $440.5 million during the whole 2007-08, the RBI data revealed.
The Reserve Bank had introduced 'Liberalised Remittance Scheme' in February 2004 to facilitate resident individuals to freely remit up to $25,000 per calender year.
Subsequently, the apex bank, in phases, increased the amount that could be remitted. Presently, individuals are allowed to remit upto $2,00,000 per financial year for any permitted current or capital account transactions.
The response to the scheme in the initial years was poor with only $9.6 million remitted during 2004-05 and $25 million remitted during 2005-06. The remittances went up marginally to $72.8 million in 2006-07 and sharply higher at $440.5 million in 2007-08. Read more
PAKISTAN: July-Nov remittances increase by 15 per cent
KARACHI, Dec 13: Remittances sent by the overseas Pakistanis continued to show a rising trend as an amount of $2,966.51 million was received in the first five months (July-November) of the current fiscal year 2008-09, showing an increase of $379.44 million or 14.67 per cent over the same period of the last fiscal year.
According to an SBP statement, the amount of $2,966.51 million includes $0.32 million received through encashment and profit earned on Foreign Exchange Bearer Certificates and Foreign Currency Bearer Certificates.
In November, an amount of $620.52 million was sent home by overseas Pakistanis which is the second-highest amount received in the current fiscal year. In July, an amount of $627.21 million was received as workers remittances. Read more
According to an SBP statement, the amount of $2,966.51 million includes $0.32 million received through encashment and profit earned on Foreign Exchange Bearer Certificates and Foreign Currency Bearer Certificates.
In November, an amount of $620.52 million was sent home by overseas Pakistanis which is the second-highest amount received in the current fiscal year. In July, an amount of $627.21 million was received as workers remittances. Read more
Wednesday, 10 December 2008
Economic crisis will affect workers remittances to India, Bangladesh
ashington, Dec 8 (ANI): The global economic crisis will cause a sharp drop next year in worker remittances -- a major source of income for developing countries like India, Bangladesh, Mexico and Philippines, labour specialists have said.
Ryszard Cholewinski, a labor specialist at the International Organization for Migration (IOM), said the fall will heavily affect countries including Mexico, India, Bangladesh and the Philippines.
The flow of remittances to developing nations - currently about 283 billion doolar could decline by up to 9 percent because of the global slowdown; The Washington Times quoted him, as saying. Read more
Ryszard Cholewinski, a labor specialist at the International Organization for Migration (IOM), said the fall will heavily affect countries including Mexico, India, Bangladesh and the Philippines.
The flow of remittances to developing nations - currently about 283 billion doolar could decline by up to 9 percent because of the global slowdown; The Washington Times quoted him, as saying. Read more
Philippine Nannies Lose to Indians in Remittance Race (Update1)
By Karl Lester M. Yap
Dec. 10 (Bloomberg) -- Sonny del Pilar tried for eight years to get work as a sailor so he could join the Philippines' 8.7 million overseas workers, sending money to his brother's family of nine rather than living with them in a Manila slum.
The 33-year-old gave up this year and set up a small shop in front of his house selling stuffed toys. He says competition from Indians, Bangladeshis and Syrians is making it harder for Filipinos to find jobs as seamen.
“I work not just for myself but for my family and my siblings,” del Pilar said in Manila. “I don't know if I can still find work abroad. It depends on God's will.”
The Philippines, which for four decades has sent what the government called “modern heroes” to work overseas, is facing the first decline in remittances in eight years. A global recession is reducing job opportunities abroad just as a surge in cheaper labor from China, India and elsewhere ramps up competition. That's threatening revenue that accounts for more than a tenth of the Philippines' $144-billion economy. Read more
Dec. 10 (Bloomberg) -- Sonny del Pilar tried for eight years to get work as a sailor so he could join the Philippines' 8.7 million overseas workers, sending money to his brother's family of nine rather than living with them in a Manila slum.
The 33-year-old gave up this year and set up a small shop in front of his house selling stuffed toys. He says competition from Indians, Bangladeshis and Syrians is making it harder for Filipinos to find jobs as seamen.
“I work not just for myself but for my family and my siblings,” del Pilar said in Manila. “I don't know if I can still find work abroad. It depends on God's will.”
The Philippines, which for four decades has sent what the government called “modern heroes” to work overseas, is facing the first decline in remittances in eight years. A global recession is reducing job opportunities abroad just as a surge in cheaper labor from China, India and elsewhere ramps up competition. That's threatening revenue that accounts for more than a tenth of the Philippines' $144-billion economy. Read more
NEW ZEALAND:Dual-card scheme reduces cost of sending remittances
A campaign by the New Zealand government to put pressure on banks and financial institutions to reduce the cost of sending remittances to the Pacific is meeting some success. That's the claim from the country's Ministry of Pacific Island Affairs. The Ministry's Chief Executive Officer, Doctor Colin Tukuitonga, says the introduction of a scheme where cash deposited in a New Zealand bank account can be accessed through automatic teller machines in the Pacific will see the cost reduced to less than five per cent.
presenter: Bruce Hill.
Speaker: New Zealand Ministry of Pacific Island Affairs CEO, Dr Colin Tukuitonga.
Source
presenter: Bruce Hill.
Speaker: New Zealand Ministry of Pacific Island Affairs CEO, Dr Colin Tukuitonga.
Source
PHILIPPINES: Philippine c.bank sees remittance growth slowing
09-DEC-2008 Intellasia | Reuters
Dec 9, 2008 - 7:00:00 AM
Growth in remittances from the Philippines' overseas-based workers, a key driver of consumer spending, may ease to as low as 6% in 2009 from 10-11% this year as the global economic crisis bites, documents from the central bank showed on Sunday.
The remittances, about a tenth of the Southeast Asian nation's gross domestic product, are estimated to grow between 6 and 10% in 2009 from a projected US$16 billion this year, according to preliminary estimates from the central bank.
The central bank had forecast remittances, sent through banks, to rise up to 11% this year from US$14.45 billion in 2007. Including those through informal channels, remittances could reach as much as US$16.6 billion in 2008, according to the documents. Read more
Dec 9, 2008 - 7:00:00 AM
Growth in remittances from the Philippines' overseas-based workers, a key driver of consumer spending, may ease to as low as 6% in 2009 from 10-11% this year as the global economic crisis bites, documents from the central bank showed on Sunday.
The remittances, about a tenth of the Southeast Asian nation's gross domestic product, are estimated to grow between 6 and 10% in 2009 from a projected US$16 billion this year, according to preliminary estimates from the central bank.
The central bank had forecast remittances, sent through banks, to rise up to 11% this year from US$14.45 billion in 2007. Including those through informal channels, remittances could reach as much as US$16.6 billion in 2008, according to the documents. Read more
KENYA: Western Union Testing Kenyan Mobile Transfers
Western Union Co. is testing a service that lets people in the United Kingdom send funds directly to mobile phone users in Kenya.
The service, announced Monday, is not Western Union's first mobile remittance effort — it began working this year with mobile network operators in the Philippines, a major remittance receiving market — but the project is Western Union's first with Vodafone Group PLC, the world's largest telecommunication company.
Matt Dill, a senior vice president and the head of Western Union Digital Ventures, said the Englewood, Colo., parent company plans to focus on top network operators worldwide, major remittance corridors, and "mobile hot spots" for its money transfer services. Read more
The service, announced Monday, is not Western Union's first mobile remittance effort — it began working this year with mobile network operators in the Philippines, a major remittance receiving market — but the project is Western Union's first with Vodafone Group PLC, the world's largest telecommunication company.
Matt Dill, a senior vice president and the head of Western Union Digital Ventures, said the Englewood, Colo., parent company plans to focus on top network operators worldwide, major remittance corridors, and "mobile hot spots" for its money transfer services. Read more
GULF COUNTRIES: Gulf remittances could decline 9%
By Natasha Marrian, Staff Reporter
Published: December 09, 2008, 23:38
Dubai: Remittances from the Gulf Cooperation Council (GCC) countries are expected to fall nine per cent next year compared to an increase of 38 per cent in 2008, according to a report by the World Bank.
Money from the GCC accounted for 63 per cent of total foreign remittances received by Bangladesh this year, and the percentage was 52 per cent for Pakistan.
UAE-based money transfer companies told Gulf News they expect a slowdown in funds being sent by expatriate workers to their home countries, but ruled out a dramatic reduction. Read More
Published: December 09, 2008, 23:38
Dubai: Remittances from the Gulf Cooperation Council (GCC) countries are expected to fall nine per cent next year compared to an increase of 38 per cent in 2008, according to a report by the World Bank.
Money from the GCC accounted for 63 per cent of total foreign remittances received by Bangladesh this year, and the percentage was 52 per cent for Pakistan.
UAE-based money transfer companies told Gulf News they expect a slowdown in funds being sent by expatriate workers to their home countries, but ruled out a dramatic reduction. Read More
India: Minimising the impact on remittances
Amarendu Nandy & Mukul G Asher
Indications are that the ongoing global financial and economic crisis is likely to be, as Prime Minister Manmohan Singh has said, “prolonged and severe.”
The current consensus is that the global growth in 2009 will be near zero; and many countries with over-reliance on external sector, particularly in East Asia, may experience negative growth.
The growth prospects in 2010 are also not encouraging. India’s growth rate estimates for 2008 and 2009 range from 5.5% to 7% with downside risk. This is much lower than the 8.8% annual growth the economy has seen over the past four years.
India is also not expected to reach the merchandise export target of $200 billion for 2008-09, and the next year will be even more challenging. Read more
Indications are that the ongoing global financial and economic crisis is likely to be, as Prime Minister Manmohan Singh has said, “prolonged and severe.”
The current consensus is that the global growth in 2009 will be near zero; and many countries with over-reliance on external sector, particularly in East Asia, may experience negative growth.
The growth prospects in 2010 are also not encouraging. India’s growth rate estimates for 2008 and 2009 range from 5.5% to 7% with downside risk. This is much lower than the 8.8% annual growth the economy has seen over the past four years.
India is also not expected to reach the merchandise export target of $200 billion for 2008-09, and the next year will be even more challenging. Read more
Afghan Remittances From Iran Total $500M Annually
Monday, 8 December 2008, 12:03 pm
Press Release: United Nations
Afghan Remittances From Iran Total $500 Million Annually, Says UN Report
Afghans working in Iran send home some $500 million annually, equivalent to 6 per cent of Afghanistan's gross domestic product (GDP), according to a new study commissioned by the United Nations High Commissioner for Refugees (UNHCR) and the International Labour Organization (ILO).
Most Afghans working in Iran are doing so illegally, with some 360,000 of them having been deported last year, said the new report, which examines the migration of Afghans under irregular conditions and for employment purposes to Iran. Read more
Press Release: United Nations
Afghan Remittances From Iran Total $500 Million Annually, Says UN Report
Afghans working in Iran send home some $500 million annually, equivalent to 6 per cent of Afghanistan's gross domestic product (GDP), according to a new study commissioned by the United Nations High Commissioner for Refugees (UNHCR) and the International Labour Organization (ILO).
Most Afghans working in Iran are doing so illegally, with some 360,000 of them having been deported last year, said the new report, which examines the migration of Afghans under irregular conditions and for employment purposes to Iran. Read more
Tuesday, 25 November 2008
Mexican Remittances Fall As U.S. Jobs Are Slashed
by Jason Beaubien
All Things Considered, November 25, 2008 · Mexicans working in the U.S. are being hit hard by the economic slowdown, and that is hurting their homeland.
Remittances are Mexico's second-largest source of foreign currency after oil exports, and the Mexican central bank reports these funds are drying up rapidly. In addition, hundreds of thousands of Mexicans are expected to return home in the coming months to villages with few job prospects. [Read more]
All Things Considered, November 25, 2008 · Mexicans working in the U.S. are being hit hard by the economic slowdown, and that is hurting their homeland.
Remittances are Mexico's second-largest source of foreign currency after oil exports, and the Mexican central bank reports these funds are drying up rapidly. In addition, hundreds of thousands of Mexicans are expected to return home in the coming months to villages with few job prospects. [Read more]
Friday, 21 November 2008
Cost of sending remittances from NZ to Tonga falls
Sending money back to family members has just become a little cheaper for Tongans living in New Zealand. Western Union is dropping the cost of sending remittances to seven US dollars per transaction, and crediting customers six minutes of time on phone calls to Tonga. The Tongan community in New Zealand has welcomed the move, but says the cost is still relatively high and the current economic uncertainty is forcing many people to keep their money right where it is. Source
ALGERIA: Migrants and investors’ remittances to Algeria worth 3 billion dollars : World Bank
The volume of remittances by Algerian migrants residing in many countires of the world especially European ones reached 2.9 billion dollars during the first six months of this year, the World Bank said.
In a study recently prepared, the World Bank noted that there is a big rise in the volume of Algerian migrants’ remittances compared to the last year.
Remittences also included a number of investors who made significant financial transfers within investment projects. The value of these remittances were determined through those made by migrants across various ports and airports, in addition to transfers that take place through financial institutions, including “ Western Union”.
For the first time, according to the world bank, these transfers have known a huge rise in Algeria compared to the last years. They did not excceed one billion $ annually unlike neibouring countries such as Tunisia and Morocco. Source
In a study recently prepared, the World Bank noted that there is a big rise in the volume of Algerian migrants’ remittances compared to the last year.
Remittences also included a number of investors who made significant financial transfers within investment projects. The value of these remittances were determined through those made by migrants across various ports and airports, in addition to transfers that take place through financial institutions, including “ Western Union”.
For the first time, according to the world bank, these transfers have known a huge rise in Algeria compared to the last years. They did not excceed one billion $ annually unlike neibouring countries such as Tunisia and Morocco. Source
UNCTAD Chief Predicts Drop in Remittances to Developing Countries
Migrant remittances to developing countries are likely to drop next year thanks to the global economic crisis, the head of the UN’s trade and development branch said last week.
“It is thus clear that the idea that developing countries would somehow be ‘de-coupled’ from the crisis is a myth,” Supachai Panitchpakdi told an executive session of UNCTAD’s trade and development board.
Money sent home from migrants working abroad is a major source of external financing for many developing and emerging economies. Indians send home US$ 27 billion each year, according to World Bank figures, while China and Mexico each see an inflow of roughly US$ 25 billion annually from their citizens working abroad. [Read more]
“It is thus clear that the idea that developing countries would somehow be ‘de-coupled’ from the crisis is a myth,” Supachai Panitchpakdi told an executive session of UNCTAD’s trade and development board.
Money sent home from migrants working abroad is a major source of external financing for many developing and emerging economies. Indians send home US$ 27 billion each year, according to World Bank figures, while China and Mexico each see an inflow of roughly US$ 25 billion annually from their citizens working abroad. [Read more]
Burma: Remittances take a hit, as Singapore's economy slumps
by John Moe
Monday, 17 November 2008 18:34
Singapore (Mizzima): Over recent years, millions of Singapore dollars have found their way to Burma through the Burmese remittance system, the nexus of the operation being run out of shops and human resources agencies in the heartland of the Lion City.
However, owing to the global financial crisis that burst upon the international stage this September, the Singapore-Burmese remittance link has suffered. With Singapore officially announcing in October that it is in a state of recession, Burmese working, or hoping to find work in the city, have found the going increasingly difficult.
A businessman from Peninsula Plaza, wishing to remain anonymous, told Mizzima, "Business has been affected and worse times are yet to come, the effect is huge for Burmese exporters, especially for those regularly trading with Singapore in rubber, gems, woods and agricultural products." [Read more]
Monday, 17 November 2008 18:34
Singapore (Mizzima): Over recent years, millions of Singapore dollars have found their way to Burma through the Burmese remittance system, the nexus of the operation being run out of shops and human resources agencies in the heartland of the Lion City.
However, owing to the global financial crisis that burst upon the international stage this September, the Singapore-Burmese remittance link has suffered. With Singapore officially announcing in October that it is in a state of recession, Burmese working, or hoping to find work in the city, have found the going increasingly difficult.
A businessman from Peninsula Plaza, wishing to remain anonymous, told Mizzima, "Business has been affected and worse times are yet to come, the effect is huge for Burmese exporters, especially for those regularly trading with Singapore in rubber, gems, woods and agricultural products." [Read more]
CONFERENCE:IFAD International Forum on Remittances 2009
Announcement
The International Fund for Agricultural Development (IFAD) and the Inter-American Dialogue (IAD), in collaboration with and the African Development Bank (AfDB) and the Inter-American Development Bank (IAD) are pleased to organize the 2009 International Forum on Remittances to be held in Nairobi, Kenya on 19-20 March 2009 . This year’s forum will mainly focus on remittances to and within the African continent. The objective of the forum is to raise awareness among different stakeholders in the remittance market and highlight the potential benefits that remittances can bring to the social and economic development of the African continent. To register please complete the online registration. Registration is free of charge.
Remittances, business models and technology fair will run parallel to the Forum to allow private-sector entities and other stakeholders to exhibit their products and services. The fair will serve as an opportunity to interact with other key players in the remittance market, involving the public, private, and civil society sectors. For more information and registration please contact: remittances@ifad.org
[Read more]
The International Fund for Agricultural Development (IFAD) and the Inter-American Dialogue (IAD), in collaboration with and the African Development Bank (AfDB) and the Inter-American Development Bank (IAD) are pleased to organize the 2009 International Forum on Remittances to be held in Nairobi, Kenya on 19-20 March 2009 . This year’s forum will mainly focus on remittances to and within the African continent. The objective of the forum is to raise awareness among different stakeholders in the remittance market and highlight the potential benefits that remittances can bring to the social and economic development of the African continent. To register please complete the online registration. Registration is free of charge.
Remittances, business models and technology fair will run parallel to the Forum to allow private-sector entities and other stakeholders to exhibit their products and services. The fair will serve as an opportunity to interact with other key players in the remittance market, involving the public, private, and civil society sectors. For more information and registration please contact: remittances@ifad.org
[Read more]
Moldova – a leader by share of remittances in GDP
Moldova ranks second in the list of the top recipients in terms of the share of remittances in GDP among developing countries with a share of 38.3% in 2007. It is outstripped by Tajikistan with a 45.5% share, according to the World Bank’s Migration and Remittances Factbook 2008.
Tonga comes next with a share of 35.1%. It is followed by Lesotho with 28.7% and Honduras with 24.5%. [Read more]
Tonga comes next with a share of 35.1%. It is followed by Lesotho with 28.7% and Honduras with 24.5%. [Read more]
WEST AFRICA: Remittances set to fall in 2009
11 Nov 2008 17:37:38 GMT
Source: IRIN
Reuters and AlertNet are not responsible for the content of this article or for any external internet sites. The views expressed are the author's alone.
DAKAR, 11 November 2008 (IRIN) - For the first time in over a decade remittances to sub-Saharan Africa are set to fall in 2009, increasing people's vulnerability to poverty, officials at the World Bank say.
The World Bank's latest migration and development brief, published on 11 November, says remittance income in developing countries will decline by about 1 percent from 2008 to 2009.
Dilip Ratha, lead economist and manager of the migration and remittances team at the World Bank, told IRIN the drop could be far sharper. "A worst-case scenario would bring them down by as much as 6 percent." [Read more]
Source: IRIN
Reuters and AlertNet are not responsible for the content of this article or for any external internet sites. The views expressed are the author's alone.
DAKAR, 11 November 2008 (IRIN) - For the first time in over a decade remittances to sub-Saharan Africa are set to fall in 2009, increasing people's vulnerability to poverty, officials at the World Bank say.
The World Bank's latest migration and development brief, published on 11 November, says remittance income in developing countries will decline by about 1 percent from 2008 to 2009.
Dilip Ratha, lead economist and manager of the migration and remittances team at the World Bank, told IRIN the drop could be far sharper. "A worst-case scenario would bring them down by as much as 6 percent." [Read more]
BANGLADESH: Global financial crunch set to cut remittances
DHAKA, 21 November 2008 (IRIN) - Millions of Bangladeshis will be hit by an expected downturn in remittances because of the global financial crisis, experts warn.
Some five million Bangladeshis work abroad, mostly in the Middle East, in healthcare, engineering, domestic service and manual labour.
“We won’t feel the blow of the cut in overseas employment immediately, but after two to three years remittances will definitely dry up if no major changes take place,” Syed Ashraf Ali, former executive director of the Bangladesh Bank, in Dhaka said.
Although foreign workers make up just 2.8 percent of the population, they contribute more than 9 percent of gross domestic product (GDP). [Read more]
Some five million Bangladeshis work abroad, mostly in the Middle East, in healthcare, engineering, domestic service and manual labour.
“We won’t feel the blow of the cut in overseas employment immediately, but after two to three years remittances will definitely dry up if no major changes take place,” Syed Ashraf Ali, former executive director of the Bangladesh Bank, in Dhaka said.
Although foreign workers make up just 2.8 percent of the population, they contribute more than 9 percent of gross domestic product (GDP). [Read more]
Outlook for Remittance Flows 2008-2010: Growth expected to moderate significantly, but flows to remain resilient
November 2008
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Officially recorded remittance flows to developing countries are estimated to reach $283 billion in 2008, up 6.7 percent from $265 billion in 2007; but in real terms, remittances are expected to fall from 2 percent of GDP in 2007 to 1.8 percent in 2008. This decline, however, is smaller than that of private or official capital flows, implying that remittances are expected to remain resilient relative to many other categories of resource flows to developing countries. [Read more]
Download PDF (491 KB) | Excel Data (259 KB)
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Officially recorded remittance flows to developing countries are estimated to reach $283 billion in 2008, up 6.7 percent from $265 billion in 2007; but in real terms, remittances are expected to fall from 2 percent of GDP in 2007 to 1.8 percent in 2008. This decline, however, is smaller than that of private or official capital flows, implying that remittances are expected to remain resilient relative to many other categories of resource flows to developing countries. [Read more]
Download PDF (491 KB) | Excel Data (259 KB)
Wednesday, 15 October 2008
ETHIOPIA: A Thankless Job, But Somebody’s Got to Do It!
It is gratifying to know that Ethiopian Americans are carrying their fair share of the load in helping the economy of their homeland. It was an eye-opening revelation to learn that Ethiopian Americans contributed a cool $1.2 billion to the Ethiopian economy this past year. That is “only second to the amount generated by Ethiopia’s exports.” Last week Elias Loha, Manager of Reserve Management and Foreign Exchange Market of Ethiopian National Bank, fretting over “a cut in vital remittances from Ethiopians in the United States” told Reuters: “We are concerned and worried that as a result of the financial crisis… some of the Ethiopians may loose their jobs and as a result they may stop sending money to help their families back home.” Could that be a backhanded way of giving us teeny-weeny credit for the much vaunted stratospheric “10 percent a year economic growth” Zenawi gasbags about? Regardless, there seems to be manifest alarm in Zenawi’s officialdom that the Ethiopian-American goose may not be laying as many golden eggs as it has been previously because of the sub-prime mortgage debacle.
The $1.2 billion figure came as a pleasant and unexpected surprise for many Ethiopians who regularly send money to their families or make remittances for other purposes. The official figure most likely underestimates the actual figure since the National Bank does not have the data collection mechanisms to accurately gauge the remittance flow in the informal channels or in the underground economy. For instance, a 2006 World Bank study suggested that if remittances sent through informal channels are included, total remittances in recipient countries could be as much as 50 per cent higher than the official record. What surprised most Ethiopian Americans aware of the staggering contribution was the fact that remittances substantially exceed the total amount of U.S. aid given to Ethiopia. Evidently, such massive infusion of money could have significant and decisive implications for Ethiopian society, but there are few systematic studies on the impact of remittances on the Ethiopian economy. We do not know if the $1.2 billion dollars we sent alleviated poverty or deepened the inequality in Ethiopia between remittance recipients and the vast majority of people who do not receive them. Did our remittances help reduce the poverty rate in Ethiopia or place an added burden on the poor by grossly distorting the local economy? Is the $1.2 billion we sent last year or the hundreds of millions in prior years in some part responsible for the current high inflation, high food and fuel costs and stratospheric housing prices? Is there evidence to show that the billion plus dollars we sent contributed to economic development in Ethiopia? Would a significant decline in remittances by Ethiopians in the U.S. have positive effects on the economy by alleviating inflationary and other pressures? What is the relationship between increased levels of remittances and the “brain drain” of highly skilled workers from Ethiopia? Do our remittances provide economic buoyancy to help keep afloat the doomed ship of a ruthless dictatorship? We just don’t have the empirical data to answer these questions. [Read more]
The $1.2 billion figure came as a pleasant and unexpected surprise for many Ethiopians who regularly send money to their families or make remittances for other purposes. The official figure most likely underestimates the actual figure since the National Bank does not have the data collection mechanisms to accurately gauge the remittance flow in the informal channels or in the underground economy. For instance, a 2006 World Bank study suggested that if remittances sent through informal channels are included, total remittances in recipient countries could be as much as 50 per cent higher than the official record. What surprised most Ethiopian Americans aware of the staggering contribution was the fact that remittances substantially exceed the total amount of U.S. aid given to Ethiopia. Evidently, such massive infusion of money could have significant and decisive implications for Ethiopian society, but there are few systematic studies on the impact of remittances on the Ethiopian economy. We do not know if the $1.2 billion dollars we sent alleviated poverty or deepened the inequality in Ethiopia between remittance recipients and the vast majority of people who do not receive them. Did our remittances help reduce the poverty rate in Ethiopia or place an added burden on the poor by grossly distorting the local economy? Is the $1.2 billion we sent last year or the hundreds of millions in prior years in some part responsible for the current high inflation, high food and fuel costs and stratospheric housing prices? Is there evidence to show that the billion plus dollars we sent contributed to economic development in Ethiopia? Would a significant decline in remittances by Ethiopians in the U.S. have positive effects on the economy by alleviating inflationary and other pressures? What is the relationship between increased levels of remittances and the “brain drain” of highly skilled workers from Ethiopia? Do our remittances provide economic buoyancy to help keep afloat the doomed ship of a ruthless dictatorship? We just don’t have the empirical data to answer these questions. [Read more]
MICROCAPITAL STORY: Remittances and Microfinance in 2008
Remittances, the portion of international migrant workers’ earnings sent back from the country of employment to the country of origin, play an important role in the economies of many developing countries. An annual statistical report done by the World Bank shows that remittances account for 5% of the GDP for low-income developing countries as of 2006. Although this figure might seem small, many countries in particular have a much higher percentage of their GDP based in Remittances; Guyana, Haiti and Honduras are all close to 25%. The Philippines, Nicaragua, Nepal, Guatemala and El Salvador are all in the 10-20% range.
Jack Kimball of Reuters points out that “remittance cash may be as much as 50 percent higher than current estimates due to informal transfers.” Global remittances from foreign workers make up an estimated $300 billion a year, three times as much as the foreign aid paid out by governments in the developed world. The biggest share of this, over $42 billion, comes from immigrants working in the United States. But what these numbers really reflect is that millions of families and individuals in these countries have come to depend on remittances as a vital source of income.
[Read more]
Jack Kimball of Reuters points out that “remittance cash may be as much as 50 percent higher than current estimates due to informal transfers.” Global remittances from foreign workers make up an estimated $300 billion a year, three times as much as the foreign aid paid out by governments in the developed world. The biggest share of this, over $42 billion, comes from immigrants working in the United States. But what these numbers really reflect is that millions of families and individuals in these countries have come to depend on remittances as a vital source of income.
[Read more]
Pakistan: Remittances soar over 25pc to $1.88b
KARACHI - Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $1,879.86 million was received in the first quarter (July-September, 2008) of the current fiscal year 2008-09, showing an increase of $378.61 million or 25.22 percent over the same period of the last fiscal year. The amount of $1,879.86 million includes $0.11 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
During last month (September, 2008), Pakistani workers remitted a record amount of $660.35 million, up $144.3 million or 27.96% when compared with an amount of $516.05 million sent home in September 2007. [Read more]
During last month (September, 2008), Pakistani workers remitted a record amount of $660.35 million, up $144.3 million or 27.96% when compared with an amount of $516.05 million sent home in September 2007. [Read more]
Philippines: Remittances to grow 15% BSP forecasts P16.6B coursed through banks
Remittances from overseas Filipino workers (OFWs) are expected to post a moderate growth in 2008 despite a global economic slowdown, according to the Bangko Sentral ng Pilipinas.
Nestor Espenilla Jr., the central bank’s deputy governor, said Tuesday the remittances coursed through banks are expected to grow by 15 percent this year to $16.6 billion.
This forecast is higher than the 11-percent growth amounting to $16 billion that was expected for 2008.
But it is lower than the 18.2-percent rise, or $9.6 billion, recorded as of end-July 2008. [Read more]
Nestor Espenilla Jr., the central bank’s deputy governor, said Tuesday the remittances coursed through banks are expected to grow by 15 percent this year to $16.6 billion.
This forecast is higher than the 11-percent growth amounting to $16 billion that was expected for 2008.
But it is lower than the 18.2-percent rise, or $9.6 billion, recorded as of end-July 2008. [Read more]
Sunday, 5 October 2008
New Zealand: Law change paves way for lower remittance costs
Monday, 22 September 2008, 11:23 am
Press Release: New Zealand Government
Rt Hon Helen Clark
Prime Minister of New Zealand
Hon Winnie Laban
Minister of Pacific Island Affairs
22 September 2008 Media Statement
Law change paves way for lower remittance costs
The Labour-led Government has taken a significant step towards reducing the cost of remitting money from New Zealand to Pacific countries.
Prime Minister Helen Clark and Pacific Island Affairs Minister Luamanuvao Winnie Laban today announced Cabinet’s approval of a new regulation under the Financial Transactions Reporting Act to reduce the high costs of sending money between New Zealand and the Pacific. [Read more]
Press Release: New Zealand Government
Rt Hon Helen Clark
Prime Minister of New Zealand
Hon Winnie Laban
Minister of Pacific Island Affairs
22 September 2008 Media Statement
Law change paves way for lower remittance costs
The Labour-led Government has taken a significant step towards reducing the cost of remitting money from New Zealand to Pacific countries.
Prime Minister Helen Clark and Pacific Island Affairs Minister Luamanuvao Winnie Laban today announced Cabinet’s approval of a new regulation under the Financial Transactions Reporting Act to reduce the high costs of sending money between New Zealand and the Pacific. [Read more]
Bangladesh: Remittance fetches $2.05b in first quarter
The country fetched total $2054.64 million as remittance during the first quarter of the current fiscal (July to September 2008).
The wage earners' remittance during September this year totaled to $512 million, while it was $721.92 million during August month and $820.71 million in July this year, according to a recent statistics of the Bangladesh Bank.
The remittance sent during September last year was $590.67 million, while it was $470.95 million in August 2007 and $567.11 million in July. The inward wage earners' remittance sent through Nationalised Commercial Banks during September 2008 amounted to $167.09 million, while it was $331.89 million through Private Commercial Banks and $8.52 million through foreign commercial banks. [Read more]
The wage earners' remittance during September this year totaled to $512 million, while it was $721.92 million during August month and $820.71 million in July this year, according to a recent statistics of the Bangladesh Bank.
The remittance sent during September last year was $590.67 million, while it was $470.95 million in August 2007 and $567.11 million in July. The inward wage earners' remittance sent through Nationalised Commercial Banks during September 2008 amounted to $167.09 million, while it was $331.89 million through Private Commercial Banks and $8.52 million through foreign commercial banks. [Read more]
Migrants and investors’ remittances to Algeria worth 3 billion dollars : World Bank
The volume of remittances by Algerian migrants residing in many countires of the world especially European ones reached 2.9 billion dollars during the first six months of this year, the World Bank said.
In a study recently prepared, the World Bank noted that there is a big rise in the volume of Algerian migrants’ remittances compared to the last year.
Remittences also included a number of investors who made significant financial transfers within investment projects. The value of these remittances were determined through those made by migrants across various ports and airports, in addition to transfers that take place through financial institutions, including “ Western Union”.
For the first time, according to the world bank, these transfers have known a huge rise in Algeria compared to the last years. They did not excceed one billion $ annually unlike neibouring countries such as Tunisia and Morocco.
[Read more]
In a study recently prepared, the World Bank noted that there is a big rise in the volume of Algerian migrants’ remittances compared to the last year.
Remittences also included a number of investors who made significant financial transfers within investment projects. The value of these remittances were determined through those made by migrants across various ports and airports, in addition to transfers that take place through financial institutions, including “ Western Union”.
For the first time, according to the world bank, these transfers have known a huge rise in Algeria compared to the last years. They did not excceed one billion $ annually unlike neibouring countries such as Tunisia and Morocco.
[Read more]
Morocco: Remittances Burgeoning
xpatriate remittances to Morocco increased again in the first six months of this year, bolstering incomes in the kingdom and bringing welcome direct investment to a range of sectors. Remittances to the kingdom from Moroccans resident abroad (MREs, in the French acronym) totalled $3.5bn in the first half of 2008, up 5% on the same period last year, according to the Office des Changes (SADOC), Morocco's exchange rate monitoring body.
Morocco receives more remittances than any other country in the Middle East and North Africa (MENA) region after Egypt. According to the World Bank, last year the country drew in $5.7bn in remittances, which have averaged $2.6bn annually since 2003. Some 3.3m Moroccans live abroad, nearly three times as many as 15 years ago. While recent years have seen a geographical broadening of the Moroccan diaspora, 80% live in the EU, with an estimated 1.6m Moroccans in France and 700,000 in Spain, the two biggest sources of remittances. Around half of the emigrants are female, reflecting the fact that increasing numbers of single women emigrate. [Read more]
Morocco receives more remittances than any other country in the Middle East and North Africa (MENA) region after Egypt. According to the World Bank, last year the country drew in $5.7bn in remittances, which have averaged $2.6bn annually since 2003. Some 3.3m Moroccans live abroad, nearly three times as many as 15 years ago. While recent years have seen a geographical broadening of the Moroccan diaspora, 80% live in the EU, with an estimated 1.6m Moroccans in France and 700,000 in Spain, the two biggest sources of remittances. Around half of the emigrants are female, reflecting the fact that increasing numbers of single women emigrate. [Read more]
Economic downturns, inflation hit remittances to Latin America
IDB fund forecasts money transfers made by migrants will decrease in real terms
For the first time this decade, remittances to Latin America and the Caribbean are expected to decrease in value due to the combined effects of economic downturns in the United States and Spain, inflation and a weaker dollar.
According to an analysis of recent remittance data by the Inter-American Development Bank’s Multilateral Investment Fund (MIF), migrants from Latin America and the Caribbean will send some $67.5 billion to their homelands in 2008, against $66.5 billion in 2007.
However, adjusted for inflation, this year’s total will be worth 1.7% less than the total sent in 2007, marking the first decrease in the value of remittances to Latin America and the Caribbean since the MIF started tracking these flows in the year 2000. Until last year, remittances to the region had grown by double digits every year.
[Read more]
For the first time this decade, remittances to Latin America and the Caribbean are expected to decrease in value due to the combined effects of economic downturns in the United States and Spain, inflation and a weaker dollar.
According to an analysis of recent remittance data by the Inter-American Development Bank’s Multilateral Investment Fund (MIF), migrants from Latin America and the Caribbean will send some $67.5 billion to their homelands in 2008, against $66.5 billion in 2007.
However, adjusted for inflation, this year’s total will be worth 1.7% less than the total sent in 2007, marking the first decrease in the value of remittances to Latin America and the Caribbean since the MIF started tracking these flows in the year 2000. Until last year, remittances to the region had grown by double digits every year.
[Read more]
Dollar appreciation boosts remittances
By Pratap John
THE appreciation of the dollar-pegged riyal against currencies including Indian rupee and Philippine peso has boosted remittances by expatriates and business at the local exchange houses.
Exchange houses contacted by Gulf Times yesterday said their business had grown by about 40% last month mainly due to weakening against the dollar of Indian rupee and Philippine peso among other Asian currencies.
The exchange firms have also seen higher volumes of business last month in view of Eid-related remittances. Many establishments in the country began disbursing salaries from September 20 on account of Eid al-Fitr.
Indians and Filipinos are among the largest blocks of expatriates living in Qatar.
“Clearly, they are trying to make the best use of a rallying dollar to which the riyal is pegged. They get more now in terms of exchange rates because of the weak currencies back home,” said the general manager of an exchange house. [Read more]
THE appreciation of the dollar-pegged riyal against currencies including Indian rupee and Philippine peso has boosted remittances by expatriates and business at the local exchange houses.
Exchange houses contacted by Gulf Times yesterday said their business had grown by about 40% last month mainly due to weakening against the dollar of Indian rupee and Philippine peso among other Asian currencies.
The exchange firms have also seen higher volumes of business last month in view of Eid-related remittances. Many establishments in the country began disbursing salaries from September 20 on account of Eid al-Fitr.
Indians and Filipinos are among the largest blocks of expatriates living in Qatar.
“Clearly, they are trying to make the best use of a rallying dollar to which the riyal is pegged. They get more now in terms of exchange rates because of the weak currencies back home,” said the general manager of an exchange house. [Read more]
Global financial crisis…Remittances to Guyana decline
ctober 3, 2008 | By knews | Filed Under News
Money transfer entities in Guyana are monitoring the financial crisis in the United States to see how it will affect their business, and at least one firm appears to be feeling the pinch already.
An official at one of the country’s major money transfer entities told Kaieteur News yesterday that the firm has experienced a slight drop in remittances from the US since June.
The official said that the reduction was “less than one percent.”
“Since June we noticed a fluctuation, although last month’s figures were better than those in September 2007.
But maybe by November-December it (the crisis) might start to trickle down (to Guyana).
“We are watching the situation. We know that we are going to be affected. We recognize that next year might not be so good a year for us, but we are trying to maintain our market share.”
Western Union, Money Gram, Laparkan Financial Services Limited, and the recently-established Senvia (Interlink) are the major money transfer entities operating here.
[Read more]
Money transfer entities in Guyana are monitoring the financial crisis in the United States to see how it will affect their business, and at least one firm appears to be feeling the pinch already.
An official at one of the country’s major money transfer entities told Kaieteur News yesterday that the firm has experienced a slight drop in remittances from the US since June.
The official said that the reduction was “less than one percent.”
“Since June we noticed a fluctuation, although last month’s figures were better than those in September 2007.
But maybe by November-December it (the crisis) might start to trickle down (to Guyana).
“We are watching the situation. We know that we are going to be affected. We recognize that next year might not be so good a year for us, but we are trying to maintain our market share.”
Western Union, Money Gram, Laparkan Financial Services Limited, and the recently-established Senvia (Interlink) are the major money transfer entities operating here.
[Read more]
Remittances Grow Along With International Migration
by Eric Zuehlke
(October 2008) It is a familiar story to millions worldwide: Strained by economic hardship, a mother or father is forced leave their community and migrate to another country for work opportunities. Soon, money is sent back home to support family and friends. The number of cross-border migrants and the amount of cash flows across borders to support home communities continue to grow every year. Remittances, as these flows of money are known, are among the fastest-growing international financial flows.
[Read more]
(October 2008) It is a familiar story to millions worldwide: Strained by economic hardship, a mother or father is forced leave their community and migrate to another country for work opportunities. Soon, money is sent back home to support family and friends. The number of cross-border migrants and the amount of cash flows across borders to support home communities continue to grow every year. Remittances, as these flows of money are known, are among the fastest-growing international financial flows.
[Read more]
Saturday, 20 September 2008
Bangladesh: Downtrend in remittances from expatriates
uesday, 16 September 2008
According to reports from Bangladesh Bank, remittances from expatriate Bangladeshis have fallen by about Taka 600 crorer between July and August this year. The key reason cited for such a drastic fall, in remittances, is the unrest created centering Bangladeshi workers in Kuwait and Saudi Arabia over the last few months which led to the expulsion of some 1500 Bangladeshi workers from these two countries. Although the numbers expelled are not very significant yet it is a source of uncertainty and lack of confidence on the Government of Bangladesh to look after the interests of its own citizens working abroad . That uncertainty and lack of confidence is perhaps leading expatriate Bangladeshis to slow down on sending back home the money they usually send. [Read more]
According to reports from Bangladesh Bank, remittances from expatriate Bangladeshis have fallen by about Taka 600 crorer between July and August this year. The key reason cited for such a drastic fall, in remittances, is the unrest created centering Bangladeshi workers in Kuwait and Saudi Arabia over the last few months which led to the expulsion of some 1500 Bangladeshi workers from these two countries. Although the numbers expelled are not very significant yet it is a source of uncertainty and lack of confidence on the Government of Bangladesh to look after the interests of its own citizens working abroad . That uncertainty and lack of confidence is perhaps leading expatriate Bangladeshis to slow down on sending back home the money they usually send. [Read more]
India: Citi and Andhra Bank enter remittance services alliance
Mumbai, Sept 17 (ANI/Business Wire India): Citi's Global Transaction Services has been appointed by Andhra Bank in India to provide a range of white-labeled global remittance services.
Under the mandate, Andhra Bank will gain access to QuikRemit, Citi's white labeled and customized remittance platform for banks, corporations and money transfer organizations, to enable end-to-end electronic remittance transfers between India and other global markets.
By white labeling Citi's QuikRemit platform, Andhra Bank can offer its clients a single solution whereby they can efficiently and securely remit money internationally to India.
To enable this process, Citi will also provide technology support for its global remittances solution. For Andhra Bank's international remittances business, Citi will also act correspondent bank and assist in clearing and collection of remittance flows. [Read more]
Under the mandate, Andhra Bank will gain access to QuikRemit, Citi's white labeled and customized remittance platform for banks, corporations and money transfer organizations, to enable end-to-end electronic remittance transfers between India and other global markets.
By white labeling Citi's QuikRemit platform, Andhra Bank can offer its clients a single solution whereby they can efficiently and securely remit money internationally to India.
To enable this process, Citi will also provide technology support for its global remittances solution. For Andhra Bank's international remittances business, Citi will also act correspondent bank and assist in clearing and collection of remittance flows. [Read more]
Thursday, 4 September 2008
Philippines: Dollar reserves to reach record on remittances
MANILA, Philippines - The Philippines’ foreign exchange reserves are expected to reach record levels next year, buttressed by the surge in funds sent home by Filipinos working overseas.
However, the increase may be unable to further strengthen the country’s financial standing once these funds are used to pay for imported oil and raw materials, prices of which continue to rise.
Projected to reach $40 billion by 2009—approximately $3 billion more than the amount expected this year—the country’s dollar reserves may be unable to improve the Philippines’ balance of payments (BOP).
After paying for its imports, Manila ended up with a surplus of $8.6 billion last year. This year, monetary officials see a BOP surplus of $2.5 billion, roughly the same amount expected next year. [Read more]
However, the increase may be unable to further strengthen the country’s financial standing once these funds are used to pay for imported oil and raw materials, prices of which continue to rise.
Projected to reach $40 billion by 2009—approximately $3 billion more than the amount expected this year—the country’s dollar reserves may be unable to improve the Philippines’ balance of payments (BOP).
After paying for its imports, Manila ended up with a surplus of $8.6 billion last year. This year, monetary officials see a BOP surplus of $2.5 billion, roughly the same amount expected next year. [Read more]
Remittance Trends in Canada
Recently new government data showed that about 4 in 10 Canadians wire money back home to family and/or friends. The majority of these funds are going to the Philippines and Haiti.
Of the immigrants who entered Canada during 2000-2001, 41 percent say they have sent money at least once in their first your years, according to Canadian statistics. The average amount sent was $2,500 within the first two years and $2,900 within 2-4 years.
This government data, the first to measure the activity of remittances in Canada, comes just as remittances are flourishing across the globe. For countries such as Lesotho, Haiti, and Jordan remittances comprise almost one-third of the gross domestic product. Other countries include Jamaica, the Philippines, and the Dominican Republic, according to the World Bank Figures. [Read more]
Of the immigrants who entered Canada during 2000-2001, 41 percent say they have sent money at least once in their first your years, according to Canadian statistics. The average amount sent was $2,500 within the first two years and $2,900 within 2-4 years.
This government data, the first to measure the activity of remittances in Canada, comes just as remittances are flourishing across the globe. For countries such as Lesotho, Haiti, and Jordan remittances comprise almost one-third of the gross domestic product. Other countries include Jamaica, the Philippines, and the Dominican Republic, according to the World Bank Figures. [Read more]
Tuesday, 2 September 2008
Ghana immigrants rally to raise funds to send dead home
ATLANTIC CITY - Funerals in the West African country of Ghana are loud and lavish and steeped in tradition. The people revere their dead, sometimes waiting months to finally inter a body. Funeral announcements are listed in newspapers under "homecomings."
When members of the Ghanaian Association of Atlantic City experience the death of another member, they come together to raise money for a funeral here, and then raise even more to send the body of the deceased back to Ghana.
"Should something happen to any of us, we can help one another," said Sharon Asamoah, the group's vice president. [Read more]
When members of the Ghanaian Association of Atlantic City experience the death of another member, they come together to raise money for a funeral here, and then raise even more to send the body of the deceased back to Ghana.
"Should something happen to any of us, we can help one another," said Sharon Asamoah, the group's vice president. [Read more]
Ghana immigrants rally to raise funds to send dead home
ATLANTIC CITY - Funerals in the West African country of Ghana are loud and lavish and steeped in tradition. The people revere their dead, sometimes waiting months to finally inter a body. Funeral announcements are listed in newspapers under "homecomings."
When members of the Ghanaian Association of Atlantic City experience the death of another member, they come together to raise money for a funeral here, and then raise even more to send the body of the deceased back to Ghana.
"Should something happen to any of us, we can help one another," said Sharon Asamoah, the group's vice president. [Read more]
When members of the Ghanaian Association of Atlantic City experience the death of another member, they come together to raise money for a funeral here, and then raise even more to send the body of the deceased back to Ghana.
"Should something happen to any of us, we can help one another," said Sharon Asamoah, the group's vice president. [Read more]
Mexicans sending home less money
The slowing of the US economy and the fall in the dollar has led to a sharp drop in the amount of money that Mexicans are sending home.
Remittances suffered their sharpest fall on record, down by 6.9% in July compared to the same month year before, according to Mexico's central bank.
This money is the country's second largest legal source of foreign income after oil revenues.
Over 20% of Mexican migrants work in the troubled US construction industry.
The Director of Economic Measurement for Mexico's Central bank, Jesus Cervantes, said that the job situation for Mexicans working in the US had become more complicated since the US mortgage crisis.
Families in Mexico who depend on the income sent to them from workers abroad are also suffering from the unfavourable exchange rate of the Mexican peso against the US dollar - with the US dollar falling 8% this year. [Read more]
Mexican Remittance Registers 6.9 Percent Decline In July
September 2, 2008 8:04 a.m. EST
Vittorio Hernandez - AHN News Writer
Mexico City, Mexico (AHN) - The economic slowdown in the U.S. and the weakening of the dollar caused a 6.9 percent decline in the amount of remittances Mexican migrant workers sent back home in July.
Jesus Cervantes, director of economic measurement for the Mexican Central Bank, said the July remittance dip is the largest experienced by Mexico, which considers money sent by migrant workers overseas as the second biggest source of foreign money next to oil.
At least 20 percent of Mexican migrants are employed in the U.S. construction industry.
This is the second straight month the Mexican remittances slipped. In June, remittance went down 2.2 percent. The 6.9 percent drop is more than double previous forecast of Mexican remittances dipping by 3 percent this year. Source
Vittorio Hernandez - AHN News Writer
Mexico City, Mexico (AHN) - The economic slowdown in the U.S. and the weakening of the dollar caused a 6.9 percent decline in the amount of remittances Mexican migrant workers sent back home in July.
Jesus Cervantes, director of economic measurement for the Mexican Central Bank, said the July remittance dip is the largest experienced by Mexico, which considers money sent by migrant workers overseas as the second biggest source of foreign money next to oil.
At least 20 percent of Mexican migrants are employed in the U.S. construction industry.
This is the second straight month the Mexican remittances slipped. In June, remittance went down 2.2 percent. The 6.9 percent drop is more than double previous forecast of Mexican remittances dipping by 3 percent this year. Source
Sunday, 31 August 2008
India: Karnataka Bank launches inward remittance facility
Mangalore, Aug. 21 Karnataka Bank Ltd has launched ‘Quikremit’, a Web-based inward remittance facility for NRIs residing in Canada, the UK and the US.
Quoting Mr P. Jayarama Bhat, Chief General Manager of the bank, a press release said here on Thursday that this product facilitates the quickest and cheapest mode of remittance.
For this purpose, the bank has tied up with Citibank. This product can be used to remit money to anyone in India.
The remittance gets credited to the beneficiary’s account within 48 hours of the transaction beginning. The remitter abroad can avail of this facility without visiting his bank and can do so by debit to his account or using credit/debit cards.
The entire transaction is completed online by just a few clicks of the mouse, it said. The bank hopes to tap new clients for business with this product. [Source]
Quoting Mr P. Jayarama Bhat, Chief General Manager of the bank, a press release said here on Thursday that this product facilitates the quickest and cheapest mode of remittance.
For this purpose, the bank has tied up with Citibank. This product can be used to remit money to anyone in India.
The remittance gets credited to the beneficiary’s account within 48 hours of the transaction beginning. The remitter abroad can avail of this facility without visiting his bank and can do so by debit to his account or using credit/debit cards.
The entire transaction is completed online by just a few clicks of the mouse, it said. The bank hopes to tap new clients for business with this product. [Source]
Uzbekistan: Ipak Yuli Bank joins Migom remittance system
28 August 2008, 09:10
CA-NEWS (UZ) - Ipak Yuli Bank has joined the international remittance system of Migom. Today, the bank operates seven international remittance systems - Anelik, MoneyGram, Bystraya Pochta, Unistream, Western Union, Contact, and Migom, reported Uzreport.
Migom is a system of international remittances for individuals that does not require the letter to open bank accounts. The system has been in operation since 2002, and is widely known in Russia and the CIS. The system has started to spread to other countries of the world. The total number of the system's service points exceeded 7,000 as of January 1 2008.
The arrival of the remittance takes about 5-10 minutes, and the commission charged for the transfer makes up 2-3% of the sum of the transfer. The beneficiary does not cover any of the costs.
Ipak Yuli Bank was founded on April 23 1990 and acts on the basis of the license of the Central Bank of the Republic of Uzbekistan No. 10 of January 25 003. In 2005 the bank integrated a new system of remittances, Bystraya Pochta.
In 2006 the bank signed a Loan Agreement with the Asian Development Bank on small and micro-financing and an agreement on the extension of a credit line with the Islamic Corporation for Private Sector Development. The same year Ipak Yuli received the certificate of excellence from the leading German Bank, Commerzbank for high level of payment automation within the SWIFT format.
In 2006 the Coordinator of the CEMEA region in London made a positive decision on the admission of the bank to Visa International system.
In 2007 a new banking product, Ipak Yuli Online was integrated. The product provides access to information on the bank account at any time of the day from any part of Uzbekistan, and an opportunity to make online payments.
Also this year the bank started to provide Western Union and Unistream international remittance services. [Source]
CA-NEWS (UZ) - Ipak Yuli Bank has joined the international remittance system of Migom. Today, the bank operates seven international remittance systems - Anelik, MoneyGram, Bystraya Pochta, Unistream, Western Union, Contact, and Migom, reported Uzreport.
Migom is a system of international remittances for individuals that does not require the letter to open bank accounts. The system has been in operation since 2002, and is widely known in Russia and the CIS. The system has started to spread to other countries of the world. The total number of the system's service points exceeded 7,000 as of January 1 2008.
The arrival of the remittance takes about 5-10 minutes, and the commission charged for the transfer makes up 2-3% of the sum of the transfer. The beneficiary does not cover any of the costs.
Ipak Yuli Bank was founded on April 23 1990 and acts on the basis of the license of the Central Bank of the Republic of Uzbekistan No. 10 of January 25 003. In 2005 the bank integrated a new system of remittances, Bystraya Pochta.
In 2006 the bank signed a Loan Agreement with the Asian Development Bank on small and micro-financing and an agreement on the extension of a credit line with the Islamic Corporation for Private Sector Development. The same year Ipak Yuli received the certificate of excellence from the leading German Bank, Commerzbank for high level of payment automation within the SWIFT format.
In 2006 the Coordinator of the CEMEA region in London made a positive decision on the admission of the bank to Visa International system.
In 2007 a new banking product, Ipak Yuli Online was integrated. The product provides access to information on the bank account at any time of the day from any part of Uzbekistan, and an opportunity to make online payments.
Also this year the bank started to provide Western Union and Unistream international remittance services. [Source]
Thursday, 28 August 2008
Ethiopia: Remittances reach one Bln USD
August 23, 2008
Muluken Yewondwossen
During the last fiscal year [July 07-July 08], Ethiopia earned one billion dollars from international remittances transferred from Ethiopian and foreign nationals. This exceeds by 367 million dollars the previous year’s remittances, according to a source within the National Bank of Ethiopia (NBE). In fiscal year 2006-07 the remittance was only 633 million dollars. The official report is expected at the end of August, added the source.
Of the total, 804 million dollars is sent to individuals while the balance is for organizations.
This year, Ethiopia generated 2.5 billion dollars in foreign exchange.
“The increase is the result of NBE’s directive issued in 2006 which allows money transfers,” stated the source.
The 2006 Remittance Service Providers (RSPs) directive indicated that users of this system can obtain information from access points such as bank branches, post offices and related organizations. The directive aims to improve the operations of the formal remittance service in Ethiopia, to reduce the costs of remittance transfer in Ethiopia and to increase access of international remittance service for nationals and make the service quick and reliable.
The major transfer types contained in international remittance transfer are personal transfer, funds for investment, international cash donations, deposit and service payments and temporary and permanent migrant transfers.
There are over 27 remittance service providers (RSPs) who work in collaboration with Ethiopian commercial banks. Source
Muluken Yewondwossen
During the last fiscal year [July 07-July 08], Ethiopia earned one billion dollars from international remittances transferred from Ethiopian and foreign nationals. This exceeds by 367 million dollars the previous year’s remittances, according to a source within the National Bank of Ethiopia (NBE). In fiscal year 2006-07 the remittance was only 633 million dollars. The official report is expected at the end of August, added the source.
Of the total, 804 million dollars is sent to individuals while the balance is for organizations.
This year, Ethiopia generated 2.5 billion dollars in foreign exchange.
“The increase is the result of NBE’s directive issued in 2006 which allows money transfers,” stated the source.
The 2006 Remittance Service Providers (RSPs) directive indicated that users of this system can obtain information from access points such as bank branches, post offices and related organizations. The directive aims to improve the operations of the formal remittance service in Ethiopia, to reduce the costs of remittance transfer in Ethiopia and to increase access of international remittance service for nationals and make the service quick and reliable.
The major transfer types contained in international remittance transfer are personal transfer, funds for investment, international cash donations, deposit and service payments and temporary and permanent migrant transfers.
There are over 27 remittance service providers (RSPs) who work in collaboration with Ethiopian commercial banks. Source
Remittance service launched by Correos
This week a new international express postal order service was introduced by the Spanish postal operator Correos to enable fast money transfers to Uruguay. Eventually the system will be implemented for money transfers to Chile and Morocco.
During the 24th Congress of the Postal Universal Union (UPU) that was held in Geneva the Correos and Uruguayan Mail entered into partnership to initiate the new remittance service. At the moment the international urgent postal order is already operative in 60 offices of the Uruguayan Mail. It means that now customers my transfer their funds back and forth within just 15 minutes at a significantly reduced cost as compared with that offered by other money transfer services.
Basically the new service leverages International Financial System (IFS), developed by the Center of Postal Technologies of the UPU to provide a trustworthy and sure network for the transference of money by electronic means between the postal operators.Source
During the 24th Congress of the Postal Universal Union (UPU) that was held in Geneva the Correos and Uruguayan Mail entered into partnership to initiate the new remittance service. At the moment the international urgent postal order is already operative in 60 offices of the Uruguayan Mail. It means that now customers my transfer their funds back and forth within just 15 minutes at a significantly reduced cost as compared with that offered by other money transfer services.
Basically the new service leverages International Financial System (IFS), developed by the Center of Postal Technologies of the UPU to provide a trustworthy and sure network for the transference of money by electronic means between the postal operators.Source
Tuesday, 26 August 2008
Banking on the 'unbanked'
Although near field communication-based contactless mobile payments are gaining traction in more developed markets, peer-to-peer m-payments such as mobile money transfer are an established and fast-growing fact of life in many developing economies.
Peer-to-peer money remittances enable an expatriated worker to send money across international borders to family or friends. According to the World Bank, 175 million migrant workers each year send billions worth of international remittances to family and friends, many of whom do not have bank accounts. Last year international remittances reached $318 billion, of which recorded remittances to developing countries exceed $240 billion, up from $221 billion in 2006 and more than double the level reached in 2002.
India, Mexico and China were the top three recipients of remittances last year, accounting for nearly one-third received by the developing countries. In India, the largest remittance-recipient, private current transfers grew by 30% in the first half of 2007.
Peer-to-peer money remittances enable an expatriated worker to send money across international borders to family or friends. According to the World Bank, 175 million migrant workers each year send billions worth of international remittances to family and friends, many of whom do not have bank accounts. Last year international remittances reached $318 billion, of which recorded remittances to developing countries exceed $240 billion, up from $221 billion in 2006 and more than double the level reached in 2002.
India, Mexico and China were the top three recipients of remittances last year, accounting for nearly one-third received by the developing countries. In India, the largest remittance-recipient, private current transfers grew by 30% in the first half of 2007.
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