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