By Mark Mulligan
Published: April 26 2008 04:48 | Last updated: April 26 2008 04:48
Of a combined monthly income of €1,400 ($2,200, £1,100), Rosa Dominguez and her partner send €200 a month to their two daughters in Bolivia, where they live with their grandmother.
The remittance, which has hardly varied since the couple arrived in Madrid two years ago, allows the girls, who are eight and 10, to eat well and treat themselves to the occasional new dress.
The girls, however, would be the first to suffer if one of their parents joined the swelling ranks of unemployed immigrants in Spain. “Obviously, we’d have to send less money,” says Rosa, who earns €400 a month as a part-time nanny. [Read more]
Saturday, 26 April 2008
Gov’t urged to remove taxes on OFW remittances
MANILA, Philippines - A migrant workers' organization on Thursday appealed to the government for an “economic relief" by removing unnecessary taxes imposed on dollar remittances of overseas Filipino workers.
Maita Santiago, secretary general of the militant group Migrante International, told GMA News that many OFWs and their families are not aware how much taxes the government collects from their remittances.
“Many OFWs have no idea that the government is deducting a hefty percentage from every dollar they are sending home," Santiago said.
[Read more]
Maita Santiago, secretary general of the militant group Migrante International, told GMA News that many OFWs and their families are not aware how much taxes the government collects from their remittances.
“Many OFWs have no idea that the government is deducting a hefty percentage from every dollar they are sending home," Santiago said.
[Read more]
Immigrants Sending Food Home
By SARAH GARLAND
Staff Reporter of the Sun
April 25, 2008
A world food supply crisis is leading some African immigrants in the city to send packages of food to family members back home facing rising food prices and empty shelves at the market.
Immigrants from Mali and Senegal in particular have found boxes of rice, sugar, and tomato paste are more appreciated than cash among relatives in their home countries, where the weak dollar now buys less and shortages have drive. [Read more]
Staff Reporter of the Sun
April 25, 2008
A world food supply crisis is leading some African immigrants in the city to send packages of food to family members back home facing rising food prices and empty shelves at the market.
Immigrants from Mali and Senegal in particular have found boxes of rice, sugar, and tomato paste are more appreciated than cash among relatives in their home countries, where the weak dollar now buys less and shortages have drive. [Read more]
Friday, 25 April 2008
Beating the bank
Shops fill a void marketing money transfer services to immigrants
By Maria Sacchetti
Globe Staff / April 15, 2008
CHELSEA - On the outskirts of this immigrant city, Broadway Laundry is fighting for every dollar it can get. Don't speak English? Every employee is fluent in Spanish. Don't have a car? A minivan will pick up customers for free.
But the biggest attraction sits behind a giant window: A kiosk that allows immigrants to send money to relatives in their homelands - and sometimes it arrives before their clothes are dry.
"You've got to have the edge," said owner Christopher Fazio, the son of Italian immigrants, standing near the kiosk, next to shelves of bulging bags of laundry. "Competition is pretty fierce around here."
Immigrants in Massachusetts are sending home hundreds of millions of dollars each year, and increasingly that money is coming from such places as Vinny's Food Market in Revere, Lam's Bridal in Worcester, and Mundo Evangelico, a religious-goods shop in Brockton. But researchers say one institution is conspicuously lagging in the business: banks. [Read more]
By Maria Sacchetti
Globe Staff / April 15, 2008
CHELSEA - On the outskirts of this immigrant city, Broadway Laundry is fighting for every dollar it can get. Don't speak English? Every employee is fluent in Spanish. Don't have a car? A minivan will pick up customers for free.
But the biggest attraction sits behind a giant window: A kiosk that allows immigrants to send money to relatives in their homelands - and sometimes it arrives before their clothes are dry.
"You've got to have the edge," said owner Christopher Fazio, the son of Italian immigrants, standing near the kiosk, next to shelves of bulging bags of laundry. "Competition is pretty fierce around here."
Immigrants in Massachusetts are sending home hundreds of millions of dollars each year, and increasingly that money is coming from such places as Vinny's Food Market in Revere, Lam's Bridal in Worcester, and Mundo Evangelico, a religious-goods shop in Brockton. But researchers say one institution is conspicuously lagging in the business: banks. [Read more]
Saturday, 19 April 2008
Remittances drop in sagging economy
Remittance money sent from migrants to families in Mexico has dropped steeply in 2008 on U.S. job losses and foreclosures, sources told The Washington Post.
Transfers of money -- after oil exports, the second largest source of foreign money for Mexico -- dropped 7 percent in January, the newspaper reported. [Read more]
Transfers of money -- after oil exports, the second largest source of foreign money for Mexico -- dropped 7 percent in January, the newspaper reported. [Read more]
Remittance between India & UAE to begin from Apr 26
Mumbai, Apr 17 International money remittance between residents of UAE and India would begin from April 26, informed MP Rajan, chief post master general, Maharashtra circle of the Department of Post (DoP). Such transactions would be a reality due to an agreement between the postal administrations of India and Emirates Post to launch the ‘Electronic International Money Orders’ using International Financial System (IFS) of the Universal Postal Union (UPU), said Rajan. Rajan said that there was a long pending demand from Indian expatriates for an economic and reliable electronic money order facility. “It is estimated that about $ 27 billon comes as inward remittances annually from the Gulf,” noted a senior department official.
The DoP also plans to extend the facility in Saudi Arabia, US and Korea. Source
The DoP also plans to extend the facility in Saudi Arabia, US and Korea. Source
Wednesday, 16 April 2008
Pakistan's Remittance Flow Records Over 20 Percent Growth
Siddique Islam - AHN South Asia Correspondent
Karachi, Pakistan (AHN) - Pakistan received US$4.720 billion remittances in the nine months of fiscal 2007-08, officials said.
This was a 20.10 per cent rise over the amount sent by the Pakistanis working abroad in the same period of the previous fiscal. In July-March period of fiscal 200607, the country received remittance worth $3.930 billion.
The remittances were estimated at a record $602.2 million in March 2008, which is a record for the highest remittances during a month in the history of the country.
Syed Waseemuddin, spokesman of the State Bank of Pakistan, the country's central, told the Geo News that the remittances received during March is a record. Source
Karachi, Pakistan (AHN) - Pakistan received US$4.720 billion remittances in the nine months of fiscal 2007-08, officials said.
This was a 20.10 per cent rise over the amount sent by the Pakistanis working abroad in the same period of the previous fiscal. In July-March period of fiscal 200607, the country received remittance worth $3.930 billion.
The remittances were estimated at a record $602.2 million in March 2008, which is a record for the highest remittances during a month in the history of the country.
Syed Waseemuddin, spokesman of the State Bank of Pakistan, the country's central, told the Geo News that the remittances received during March is a record. Source
Pakistan: Dubai property boom revives Hundi trade
KARACHI, April 15: The UAE dirham is in higher demand than the US dollar in the local market, which has boosted the “Hundi” business in the country once again.
The reason for flourishing Hundi business and high demand of dirham is the slump in the real estate in Pakistan and the boom in property business in Dubai.
“The dollar is not paying more these days as the greenback has become unpredictable in Pakistan,” said Kamal Saeed, a currency dealer.
“We see all major currencies gaining against the dollar but the situation is reverse in our country,” he added.
He said the dirham business was paying much more than the dollar. However, most of the dirham is being paid through Hundi business. Investors used to pay in rupee in Pakistani and receive dirham in Dubai.
“The State Bank has strict laws for investing abroad, especially it is very difficult for an individual to stratify the demand of the State Bank,” said M. Munazir, a real estate dealer in Karachi.
[Read more]
The reason for flourishing Hundi business and high demand of dirham is the slump in the real estate in Pakistan and the boom in property business in Dubai.
“The dollar is not paying more these days as the greenback has become unpredictable in Pakistan,” said Kamal Saeed, a currency dealer.
“We see all major currencies gaining against the dollar but the situation is reverse in our country,” he added.
He said the dirham business was paying much more than the dollar. However, most of the dirham is being paid through Hundi business. Investors used to pay in rupee in Pakistani and receive dirham in Dubai.
“The State Bank has strict laws for investing abroad, especially it is very difficult for an individual to stratify the demand of the State Bank,” said M. Munazir, a real estate dealer in Karachi.
[Read more]
Sunday, 13 April 2008
Bangladesh's Remittance Likely To Touch $7.5 Billion By Fiscal Year's End
Siddique Islam - AHN South Asia Correspondent
Dhaka, Bangladesh (AHN) - The central bank of Bangladesh expects overseas remittances to touch $7.5 billion by the end of the fiscal 2007-08 year, officials say in Dhaka.
This was estimated following a special move, taken by the central bank, to facilitate increased inflow from some selective countries including those in the Middle East, the United States, Malaysia, Singapore and Canada.
Under the move, the Bangladesh Bank (BB), the country's central bank, is giving priority to the local commercial banks in issuing permissions for setting up drawing arrangements with overseas exchange houses in the selective countries. [Read more]
Dhaka, Bangladesh (AHN) - The central bank of Bangladesh expects overseas remittances to touch $7.5 billion by the end of the fiscal 2007-08 year, officials say in Dhaka.
This was estimated following a special move, taken by the central bank, to facilitate increased inflow from some selective countries including those in the Middle East, the United States, Malaysia, Singapore and Canada.
Under the move, the Bangladesh Bank (BB), the country's central bank, is giving priority to the local commercial banks in issuing permissions for setting up drawing arrangements with overseas exchange houses in the selective countries. [Read more]
Saturday, 12 April 2008
Steady Growth in Remittances to Jamaica
KINGSTON, Jamaica - Despite single digit increase in remittances to Latin America and the Caribbean in 2007, inflows into Jamaica grew by 11.6% in the period.
The Inter-American Development Bank (IDB) Multi-Lateral Investment Fund estimates that more than US$66.5 billion were remitted to Latin American and the Caribbean last year, a 7% percent increase in 2006. Transfers to Jamaica however, grew US$1.79 billion to US$1.97 billion.
Remittances are transfers of money by foreign workers to the home countries. The sending of remittances is an old phenomenon, with Jamaica having “remittance men” two centuries ago. Back then they were Britons working in Jamaica and sending their remittances home to England. Two hundred years later, remittances now represent the largest source of foreign exchange income for Jamaica. [Read more]
The Inter-American Development Bank (IDB) Multi-Lateral Investment Fund estimates that more than US$66.5 billion were remitted to Latin American and the Caribbean last year, a 7% percent increase in 2006. Transfers to Jamaica however, grew US$1.79 billion to US$1.97 billion.
Remittances are transfers of money by foreign workers to the home countries. The sending of remittances is an old phenomenon, with Jamaica having “remittance men” two centuries ago. Back then they were Britons working in Jamaica and sending their remittances home to England. Two hundred years later, remittances now represent the largest source of foreign exchange income for Jamaica. [Read more]
IFAD: Financing facility for remittances
Financing facility for remittances
The International Fund for Agricultural Development, a specialized agency of the United Nations, in partnership with the European Commission; the Inter-American Development Bank; the Consultative Group to Assist the Poor; the Government of Luxembourg; the Ministry of Foreign Affairs and Cooperation, Spain; and the United Nations Capital Development Fund, is pleased to announce the Financing Facility for Remittances (FFR) 2008 call for proposals on:
Promoting innovative remittance systems and investment channels for migrants [Read More]
The International Fund for Agricultural Development, a specialized agency of the United Nations, in partnership with the European Commission; the Inter-American Development Bank; the Consultative Group to Assist the Poor; the Government of Luxembourg; the Ministry of Foreign Affairs and Cooperation, Spain; and the United Nations Capital Development Fund, is pleased to announce the Financing Facility for Remittances (FFR) 2008 call for proposals on:
Promoting innovative remittance systems and investment channels for migrants [Read More]
Dominicans got more than US$3 billion in remittances last year
SANTO DOMINGO.- Dominican Republic received more than US$3 billion in remittances in 2007 and the figure is expected to grow 5 percent this year, said Freddy Ortiz, head of the money-transfer agencies grouped in Aderedi.
He said more than RD$1.25 billion in remittances are distributed monthly in the country, with around 70 percent of that delivered straight to the beneficiary’s residence.
He said 30 percent of the remittances arrives in cities of the interior, where there’s more demand for home delivery, at a cost of two dollars each trip.
Ortiz, who denied that Aderedi is against the “bankarization,” or for the banks to also handle remittances, said the business is little understood here and abroad. "Simply the market is free, the customers are there and if they prefer to the money-transfers for their shipments, it’s mainly because they to take them at home to their places of origin here."
He said the money-transference industry is currently in one of its most difficult moments, mostly from the U.S. economic problems and the unemployment rate, which also affects Latinos
To send a remittance form New York costs one dollar if it’s to be paid in pesos, and not more than 2 percent if it’s for payment in dollars, Ortiz said. Source
He said more than RD$1.25 billion in remittances are distributed monthly in the country, with around 70 percent of that delivered straight to the beneficiary’s residence.
He said 30 percent of the remittances arrives in cities of the interior, where there’s more demand for home delivery, at a cost of two dollars each trip.
Ortiz, who denied that Aderedi is against the “bankarization,” or for the banks to also handle remittances, said the business is little understood here and abroad. "Simply the market is free, the customers are there and if they prefer to the money-transfers for their shipments, it’s mainly because they to take them at home to their places of origin here."
He said the money-transference industry is currently in one of its most difficult moments, mostly from the U.S. economic problems and the unemployment rate, which also affects Latinos
To send a remittance form New York costs one dollar if it’s to be paid in pesos, and not more than 2 percent if it’s for payment in dollars, Ortiz said. Source
Pakistan: Rupee off 6-1/2-year low
April 11, 2008 Friday Rabi-us-Sani 4, 1429
Rupee off 6-1/2-year low
KARACHI, April 10: The rupee edged up on Thursday after falling to a 6-1/2-year low a day earlier and dealers said higher demand from importers, particularly for oil payments, could keep the local unit range-bound for now.
The rupee closed at 63.15/20 to the US dollar, compared with Wednesday’s close of 63.20/24, which was its weakest closing since September 2001.
“There has been some aggressive dollar buying by importers, mostly for oil payments, in recent days, which has kept the rupee under pressure,” said one dealer at a local bank.
Another dealer said that the higher dollar demand could keep the rupee under downward pressure for the next several days.
“But we don’t see the rupee falling much further from here, as dollar inflows are healthy. Though it could hover around the current levels near-term,” he said.
Central bank data showed remittances sent home by overseas
Pakistanis rose 21 per cent to $4.13 billion in the first eight months of 2007-08, against the same period last year.
In the money market, overnight rates closed at 10.40 per cent, up from 9.75 per cent a day earlier, and dealers said there may be some discounting on Friday.
“There were outflows of about Rs38 billion for the settlement of yesterday’s Treasury bills auction, but the impact was offset due to inflows of a similar amount,” said a brokerage house dealer.
“But today’s high closing levels suggest that there may be some discounting tomorrow,” he said.—Reuters
Rupee off 6-1/2-year low
KARACHI, April 10: The rupee edged up on Thursday after falling to a 6-1/2-year low a day earlier and dealers said higher demand from importers, particularly for oil payments, could keep the local unit range-bound for now.
The rupee closed at 63.15/20 to the US dollar, compared with Wednesday’s close of 63.20/24, which was its weakest closing since September 2001.
“There has been some aggressive dollar buying by importers, mostly for oil payments, in recent days, which has kept the rupee under pressure,” said one dealer at a local bank.
Another dealer said that the higher dollar demand could keep the rupee under downward pressure for the next several days.
“But we don’t see the rupee falling much further from here, as dollar inflows are healthy. Though it could hover around the current levels near-term,” he said.
Central bank data showed remittances sent home by overseas
Pakistanis rose 21 per cent to $4.13 billion in the first eight months of 2007-08, against the same period last year.
In the money market, overnight rates closed at 10.40 per cent, up from 9.75 per cent a day earlier, and dealers said there may be some discounting on Friday.
“There were outflows of about Rs38 billion for the settlement of yesterday’s Treasury bills auction, but the impact was offset due to inflows of a similar amount,” said a brokerage house dealer.
“But today’s high closing levels suggest that there may be some discounting tomorrow,” he said.—Reuters
Wednesday, 9 April 2008
Nigerians abroad remitted N400bn home in one year - World Bank
By Our Reporter - 07.04.2008
NIGERIANS abroad in 2007 remitted $3.3 billion (about N400 billion) to the country, the highest in sub-Saharan Africa, a World Bank report has said. The report, entitled “Migration and Remittances Factbook 2008,” provides snapshots of statistics on migration, recorded remittances flows and skilled emigration for 194 countries and 13 regional income groups.
Inward remittances for all developing countries stood at $10.3 billion in 2006 and $10.8 billion in 2007, accounting for less than two per cent of their average Gross Domestic Product (GDP).
In the report, Kenya was the second highest recipient of remittances in 2007 with $1.3 billion, up from the $1.1 billion that the country received in 2006. [Read more]
NIGERIANS abroad in 2007 remitted $3.3 billion (about N400 billion) to the country, the highest in sub-Saharan Africa, a World Bank report has said. The report, entitled “Migration and Remittances Factbook 2008,” provides snapshots of statistics on migration, recorded remittances flows and skilled emigration for 194 countries and 13 regional income groups.
Inward remittances for all developing countries stood at $10.3 billion in 2006 and $10.8 billion in 2007, accounting for less than two per cent of their average Gross Domestic Product (GDP).
In the report, Kenya was the second highest recipient of remittances in 2007 with $1.3 billion, up from the $1.1 billion that the country received in 2006. [Read more]
Friday, 4 April 2008
Moldova Leads the World in Immigrant Cash Remittances
April 2, 2008
According to the World Bank’s new Migration and Remittances Factbook 2008, Moldova is the world’s top receiver of migrant remittances as a percentage share of Gross Domestic Product, GDP.
Moldova is the world’s most remittance-dependent country. Cash sent from overseas was worth an estimated 36.5 percent of GDP in 2007 - well above exports of goods and services, and more than five times the amount of foreign aid.
The factbook provides snapshots of statistics on migration, recorded remittances flows, and skilled emigration for 194 countries, and 13 regional and income groups. According to the World Bank, data from the factbook have been available online since November 2007, with updating done in real time as new data become available.
The world’s top recipient countries of recorded remittances as a share of GDP were Moldova (36.5 percent), Tajikistan (36.0 percent), Tonga (32 percent), the Kyrgyz Republic (27 percent), and Honduras (26 percent). These flows do not include informal channels, which the World Bank says would significantly enlarge the volume of remittances if they were recorded. The money earned by Moldova’s gast-arbeiters and sent back to their relatives at home is what keeps the country alive. [Read more]
According to the World Bank’s new Migration and Remittances Factbook 2008, Moldova is the world’s top receiver of migrant remittances as a percentage share of Gross Domestic Product, GDP.
Moldova is the world’s most remittance-dependent country. Cash sent from overseas was worth an estimated 36.5 percent of GDP in 2007 - well above exports of goods and services, and more than five times the amount of foreign aid.
The factbook provides snapshots of statistics on migration, recorded remittances flows, and skilled emigration for 194 countries, and 13 regional and income groups. According to the World Bank, data from the factbook have been available online since November 2007, with updating done in real time as new data become available.
The world’s top recipient countries of recorded remittances as a share of GDP were Moldova (36.5 percent), Tajikistan (36.0 percent), Tonga (32 percent), the Kyrgyz Republic (27 percent), and Honduras (26 percent). These flows do not include informal channels, which the World Bank says would significantly enlarge the volume of remittances if they were recorded. The money earned by Moldova’s gast-arbeiters and sent back to their relatives at home is what keeps the country alive. [Read more]
United Nations: New Study Seeks To Show Changing Face Of Migration In Southern Africa As Women Play Bigger Role In Development Through Remittances
INSTRAW) -- A new study seeks to raise awareness of women's changing roles in migration and assess the impact of remittances sent by women migrants on the Southern African Development Community (SADC) region.
Gender, Remittances and Development: Preliminary Findings from Selected SADC Countries, published by the United Nations International Research and Training Institute for the Advancement of Women (INSTRAW) and the South African Institute of International Affairs (SAIIA), with support from the United Nations Population Fund (UNFPA), highlights the growing impact of women's migration on households, families and communities in selected countries of SADC.
The study focuses on female migration from and between six SADC countries -- Botswana, Lesotho, Malawi, Mozambique, Swaziland and Zimbabwe, principally to South Africa. Through a combination of literature review, focus group discussions, and personal interviews, the study documents the changing role of women within migratory flows in Southern Africa, explores the potential impact of the increase in women who migrate independently as heads of households, as well as migrants' access to financial and other services. [Read more]
Gender, Remittances and Development: Preliminary Findings from Selected SADC Countries, published by the United Nations International Research and Training Institute for the Advancement of Women (INSTRAW) and the South African Institute of International Affairs (SAIIA), with support from the United Nations Population Fund (UNFPA), highlights the growing impact of women's migration on households, families and communities in selected countries of SADC.
The study focuses on female migration from and between six SADC countries -- Botswana, Lesotho, Malawi, Mozambique, Swaziland and Zimbabwe, principally to South Africa. Through a combination of literature review, focus group discussions, and personal interviews, the study documents the changing role of women within migratory flows in Southern Africa, explores the potential impact of the increase in women who migrate independently as heads of households, as well as migrants' access to financial and other services. [Read more]
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