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]
Saturday, 20 September 2008
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
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