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]
Tuesday, 25 November 2008
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
spacer
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)
spacer
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)
Subscribe to:
Posts (Atom)