Sunday 11 May 2008

Remittances drop in sagging economy

Mexico City | May 10, 2008 12:01:13 AM IST

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.

Carlos Trujillo Landeros, 76, from the Mexican village of Ermita de Guadalupe, said his three sons -- two in Las Vegas, one in Sacramento -- used to send him at least $400 a month. But, all of them have had work-hours reduced and one lost a home to foreclosure, the report said. [Read more]

Dollar inflicts heavy blow on rupee

By Shahid Iqbal


KARACHI, May 9: The oil-pegged US dollar cut the size of the rupee by another 3.5 per cent on Friday, the largest cut in a single day, pushing it down to close to Rs70.

Meanwhile, the State Bank stopped exchange companies from taking the UK pound, euro and UAE dirham out of the country. It also asked commercial banks to sell the dollar in the inter-bank in the second session of the market.

“The steps helped the rupee to recover sharply against the dollar to Rs66, but the recovery was short-lived and the rupee again started sliding,” said currency dealers.

They said that before the State Bank intervened, the dollar had touched Rs69.45 and it was in demand at this rate. “Some importers have succeeded in booking the dollar at Rs68 for Monday,” they said.

Both importers and exporters fear trading will be badly hit by a sharp devaluation of the rupee against the dollar -- 13 per cent since January. [Read more]

Wednesday 7 May 2008

Recipients in Mexico Favor Receiving US-Sent Remittances Through Companies that Contribute to Local Economic Development and Job Creation Projects

Finding that families in Mexico support innovations to extend the local productive impact of remittances shines spotlight on companies engaged in

those efforts - Economic issues top concerns for Mexicans in Mexico and the US. - Broad support in communities of origin for the 3x1 and 4+1 programs. - Secure delivery, seen as most important factor when receiving money from the US. - Family members in Mexico would encourage senders to use companies that contribute to the 4+1 program. More

Friday 2 May 2008

Diasporic Giving to Vietnam: An Interview with Ivan Small

As of 2005, there are some three million Vietnamese living outside of Vietnam, with approximately half of those living in the United States. Vietnamese-Americans, many of whom are still culturally and emotionally connected to their country of heritage, are increasingly giving back to their families and communities in the form of formal and informal remittances.

The United Nations International Fund for Agriculture & Development put the total estimated amount of remittances to Vietnam at US$6.8 billion in 2007 – over 11.2% of the country's GDP. Vietnamese-Americans comprise a considerable proportion of those making remittances to Vietnam. Le Xuan Khoa, an adjunct professor at Johns Hopkins University who has written several papers about the Vietnamese-American community and engagement with Vietnam, believes that proportion to be 2/3 of total remittances made to Vietnam.
[Read more]