Monday 28 September 2009

Philippines: Help typhoon victims in Luzon, Philippines

Diaspora Journey:
May I break the topic this time to give way to an appeal to help the victims of typhoon Ondoy (Ketsana) in the Philippines. I am appealing to kind-hearted people worldwide to donate and help the victims. Thank you for your kind attention.


You can find more stories at http://blogs.inquirer.net/current/2009/09/26/how-you-can-help/

9/26/09

The news is grim. People on their roofs, people losing their homes, loved ones separated, refugees everywhere, the most recent report is 5,000 people stuck in the Trinoma Mall in Quezon City. I have yet to confirm this but have heard this is the worst deluge since 1967; PAGASA reported that in three hours, as much rain as normally falls in two weeks soaked the Metropolis. Reports from the rest of Luzon -with most of Luzon’s provinces, including the National Capital Region placed under a State of Calamity by the President- are only now trickling in. Rescue and relief efforts over the years have gotten increasingly efficient, but this is one of those events that happen so suddenly, no one can possibly prepare for it.

FOR THOSE OUTSIDE THE COUNTRY WHO WANT TO DONATE:

TXTPower.org has set up a paypal account for donations. Your money will be forwarded to Red Cross.

Kapuso Foundation is also accepting credit card donations.
2/F GMA Kapuso Center
Samar St. cor. 11th Jamboree St. Diliman, Quezon City
Call 9827777 loc. 9901/9904/9905.
accepts relief goods and cash
In Kind donations

LOCAL:

Please send in-kind local donations to The Philippine National Red Cross National Headquarters in Manila. They could also arrange for donation pick-up.


INTERNATIONAL:

Send a letter of intent to donate to the PNRC
A letter of acceptance from PNRC shall be sent back to the donor
Immediately after shipping the goods, please send the (a) original Deed of Donation, (b) copy of packing list and (c) original Airway Bill for air shipments or Bill of Lading for sea shipments to The Philippine National Red Cross National Headquarters c/o Secretary General Corazon Alma de Leon, Bonifacio Drive, Port Area, Manila 2803, Philippines.

Monday 21 September 2009

PHILIPPINES: Goldman Sachs, DBS turn bullish on RP

Diaspora Journey: It is remarkable how remittances from overseas Filipino workers help in time of economic crisis.



By Michelle Remo, Ronnel Domingo
Philippine Daily Inquirer
First Posted 00:04:00 09/21/2009

Fi

FOREIGN FINANCIAL INSTITUTIONS are turning bullish on the Philippines after the local economy showed resilience in the first half of 2009 and avoided falling into a recession.

Goldman Sachs has raised its economic growth projections for the Philippines, saying stable remittances and pump-priming by the government would help boost the country’s productivity to levels higher than initially expected.

Singapore-based DBS Bank also raised its forecast growth for the Philippines’ gross domestic product (GDP) for 2009 to 1.6 percent from 0.5 percent, citing “the strong second-quarter rebound.”

In a paper on the Philippines, Goldman Sachs said it now expected the domestic economy to grow 1.6 percent this year and by 4.2 percent in 2010. Read more

GEORGIA: Bank of Georgia offers new product on remittances market, expects growth of customers

Nino Sikhuashvili


Recognizing that remittances are one of the driving forces of the Georgian economy, a major bank is making it easier for its customers to receive funds electronically.


Bank of Georgia announced last week that it has a new service which it called “a revolutionary product in the banking system” that allows customers to receive wired funds from anywhere in the world that will be accessible through a bank-issued debit card. This will eliminate the need to visit a branch to receive cash, the bank’s General Director Irakli Gilauri told reporters.


He said he expects this service - the first of its kind in Georgia - to attract people who receive remittances from abroad through services like Western Union or Moneygram but don't have a bank account.


"Customers from other banks will also be attracted,” Gilauri said.


Exactly how much growth the bank projects, Gilauri isn't saying, but he said the bank does hope that the service will encourage Georgians to store more of their money in their bank accounts.


“Our ultimate hope is that more than 20m USD will be deposited in bank accounts annually,” he said.


Over 800, USD is transferred to Georgia from abroad annually and 45 percent out of them sends money via Bank of Georgia, according to the bank’s latest statistics.


The system will be telephone-based in which the customer who has received wired funds (USD, EUR or GEL) will enter their details into the system staffed by a live operator. Source



“Money will be transferred to the account in several minutes,” he said.



The bank will not levy a commission for transaction less than 3,000 GEL.



The service is compatible with major transfer services like MoneyGram, Anelik, Elva, Contact, Ria Money and Unistrim.



Bank of Georgia is the largest Georgian bank with 34 percent of total banking assets. It operates in Georgia, Ukraine and Belarus. It serves more than 800,000 individuals and 146,000 businesses and has 140 branches.

PHILIPPINES: Economists see 5.5% increase in ’09 remittances

REMITTANCES from Filipinos working abroad will probably grow by 5.5% this year despite the global economic crisis, buoying the struggling economy, a Reuters poll showed.

The median forecast from 10 economists was a sharp reversal from a 0.5% contraction predicted in July and a 5% fall forecast in May.

It was also higher than the Bangko Sentral ng Pilipinas’ (BSP) latest estimate.

BSP governor Amando M. Tetangco, Jr. told Reuters on Monday that remittances could grow by 2-3% this year, higher than a previous forecast of flat growth from 2008’s record $16.4 billion, due to a sustained rise in the number of Filipinos working overseas.

Remittances have continued to grow through the global economic crisis, which resulted in massive job losses and wage freezes worldwide.

Remittances totalled $9.97 billion in the seven months to July, up 3.8% from the same year-ago period.

All 10 analysts predicted stronger growth this year, far better than the July survey in which half of 10 analysts expected inflows to contract between 1% to 10.4%.

Remittances from overseas workers are the equivalent of a tenth of gross domestic product and are a pillar of domestic spending. About a tenth of the country’s 92 million population live and work abroad. — Reuters
Source

Saturday 12 September 2009

EVENT, Oslo (Norway): Seminar Thinking out of the box - how can migration and development lead to new ways for collaboration?

The Norwegian Development Network is organizing a seminar titled “Thinking out of the box - how can migration and development lead to new ways for collaboration?” on September 16 in Oslo, Norway. The aim of this seminar is to present different models for working with migration and development. The organizer also hopes that the seminar will stimulate and give ideas to more cooperation between Norwegian civil society organizations and diaspora groups. For details of the seminar:



Organizer:
The Norwegian Development Network (NDN) is a resource and competence network for its members and other actors in the field of development working to:

1) Focus on the values that provide guidance for development co-operation

2) Increase the professional knowledge on development work among its members and other development actors

3) Increase the quality of development co-operation

4) Facilitate exchange of experiences among its members, both generally and on specific topics

The NDN has 66 members as of August 2008. These comprise the majority of Norwegian Civil Society Organisations (CSO) - including umbrella organisations - who are involved in development co-operation with the Global South.

GUATEMALA: Remittances to Guatemala Down Nearly 10 Percent

GUATEMALA CITY – Guatemala’s central bank announced Thursday that the sending of remittances from abroad into the country fell by 9.7 percent between January and August compared to the same period last year.

In the first eight months of 2009, $2.64 billion flowed into the country in the form of remittances compared to $2.92 billion sent by Guatemalans living abroad last year, the Banco de Guatemala said.

Last month, remittances totaled $337.44 million, some 10 percent less than the $373.53 million received during the same month in 2008, the bank said on its Web page.
Read more

INDONESIA: UPDATE 1-Indonesia's Mandiri to open remittance unit in Malaysia

JAKARTA, Sept 11 (Reuters) - Indonesia's Bank Mandiri (BMRI.JK) will open a new unit in Kuala Lumpur dedicated to collecting remittances from the millions of Indonesians working in Malaysia, a senior executive said late on Thursday.

Thomas Arifin, Director for International Banking, said the new unit would help Mandiri, Indonesia's biggest bank, increase its fee-based income.

"The bank will initially cover millions of Indonesian workers who are working in Malaysia by progressively extending the number of outlets," Arifin said in a text message sent to Reuters. Read more

JORDAN: Remittances from Jordanian workers drop

Bloomberg
Published: September 12, 2009, 11:37

Amman: Remittances from Jordanians working abroad dropped 3.7 percent in the first seven months of 2009 compared with the same period of 2008, the Central Bank of Jordan said.

Remittances from about 700,000 Jordanians, mostly in Gulf states, fell to 1.48 billion dinars ($2.1 billion) in the period, the bank said in a report on its website.

Remittances, which account for about 14 per cent of Jordan's gross national product, are expected to remain at about 2.7 billion dinars this year, said Finance Minister Bassem Salem. Read more

PAKISTAN: Gulf-based expats lift remittances to new high

The government is hoping that the robust growth in remittances by non-resident Pakistanis, mainly from the Gulf region, will help it tide over its massive current account deficit.

According to the latest data from the State Bank of Pakistan, overseas Pakistanis remitted $780.5mn in August, 31.78% higher than the corresponding period last year.
This is the second consecutive record remittance in a single month during the current 2009-10 fiscal year (FY10). The previous record remittance in a single month by Pakistani workers was in July 2009 when $744.85mn was received.
If remittances continue at the same pace, the total amount could cross $9bn at the end of the current fiscal. This would be enough to offset the impact of the current account deficit.

The country received $7.811bn as workers’ remittances in fiscal 2008-09 while current account deficit stood at $8.86bn in the last fiscal. A gap of over $1bn was visible.
Read more

Wednesday 9 September 2009

PHILIPPINES: Metrobank, Luup partner for mobile remittances service in the Philippines

Philippines-based financial services provider Metrobank has signed a contract with mobile payment services provider Luup, owned by Norwegian m-payments services provider Contopronto to launch a mobile money transfer service, cellular-news.com reports.

Aimed at overseas workers who want to send money to their families, the service enables the Luup banks' customers to initiate transactions via Metrobank's network of over 500 branches and over 1,100 ATMS across the country.

Metrobank provides a suite of banking services to large local and multinational corporations, middle market and retail segments. Luup has recently entered an agreement with MoneyGram International to develop a mobile money transfer service by making use of the latter's global agent network and Luup's mobile payment services.
Source

PHILIPPINES: DBP to serve remittance needs of Macau-based OFWs

Quezon City (9 September) -- State-owned Development Bank of the Philippines (DBP) and the Industrial and Commercial Banking Corporation of China Ltd (ICBC) recently signed a memorandum of agreement (MOA) for a remittance partnership that will enable DBP to reach out to overseas Filipino workers based in China.

Through its partnership with ICBC, DBP will now be able to handle and serve the remittances of Filipino migrant workers particularly in Macau, a special administrative region of the People's Republic of China.

DBP chairman Patricia A. Sto. Tomas expressed gratitude to ICBC officials led by its chairman Zhu Xiaoping and vice chairman and CEO Shen Xiaoqi for partnering with DBP. She also expressed hopes that the relationship between the two banks will be strengthened not only to cover remittances but also other banking services.

ICBC is the world's biggest bank with more than 300,000 personnel. It also has overseas branches and subsidiaries in Hong Kong, Japan, Korea, Australia, Germany, United Arab Emirates, United States and United Kingdom. (DBP) Source

Roamware Acquisition Outlines Strategy to Lead in Global Mobile Financial Services

SAN JOSE, Calif., Sept. 9 /PRNewswire/ -- Roamware Inc., a global leader in
mobile roaming solutions, announced that it has completed the acquisition of
Macalla Software Ltd, a leading developer of mobile financial services (MFS)
solutions. Macalla's m-commerce and mobile banking solutions are successfully
deployed by banks and operators around the world; these solutions include
adding prepaid minutes, credit transfers, international remittance, person to
person transactions and bill payment. With Macalla's acquisition, Roamware
aims to build upon its roaming expertise and become a market leader in MFS,
specifically addressing the needs of low income, unbanked communities across
the world. Read more

MEXICO: MÉXICO - Slight Increase in Remittances

Although falling at an annual rate, shipment averages increase in July

During the second quarter, remittances sent home by Mexicans working abroad slumped by 18% in annual terms, however, according to the Bank of Mexico (Banxico), the per consignment average for July showed a slight improvement amounting to $323 per shipment, a figure close to the $345 average in 2008. For Mexico’s poorest families, remittances represent 14% of their total income.
08-Sep-2009 03:09pm

Sources

Wells Fargo ExpressSend Remittance Service Now Available Online

Making it Possible for Customers to Initiate Remittance Transactions 24-Hours a
Day
SAN FRANCISCO--(Business Wire)--
Wells Fargo & Company (NYSE:WFC) has expanded its ExpressSend remittance service
to the online channel. Wells Fargo customers are now able to send an ExpressSend
remittance transaction through WellsFargo.com - making it possible for customers
to initiate remittance transactions 24-hours a day, 7-days a week.

Wells Fargo offers international remittance products to the top seven countries
from the U.S. - Mexico, El Salvador, Guatemala, India, the Philippines, Vietnam,
and China. According to Javelin Strategy & Research, 77 percent of onlineAsians
and Hispanics actively bank online. Read more

Rwanda: Remittances Up 24 Percent Despite Global Recession

Kigali — Rwanda's private inflows from abroad have increased by 24 percent in the first half of 2009, so far defeating earlier forecasts that remittances will drop by 15 percent at the end of the year.

Viviane Mwitirehe, Director of Statistics in the National Bank of Rwanda told Business Times yesterday that in the first six months of this year statistics indicate that $85.69 million (Rwf48.39 billion) was remitted into the economy compared to $69.13 million (Rwf38.9 billion) in the same period last year. Read more

Monday 7 September 2009

Migrant remittances to fall 5-8 per cent in 2009, says UNCTAD

Bangkok/New Delhi - Migrant remittances are expected to fall 5 to 8 per cent this year after hitting a record-breaking 305 billion dollars in 2008, the United Nations predicted Monday.

Despite the global crisis, recorded remittances reached 305 billion dollars last year, up 8.8 per cent over 2007 figures, with India taking the lead at 45 billion dollars in money transferred home, up 27.6 per cent year-on-year, according to the annual report of the United Nation Conference on Trade and Development (UNCTAD). Read more

Helping Migrants Weather the Storm

By WILLIAM LACY SWING
Published: September 6, 2009

Perceptions of migration and broad recognition of the positive contributions that migrants make to society have regrettably regressed in most migrant-receiving countries during the current economic downturn.

As job markets in the developed world have contracted, a perception has emerged of migrants as the unwanted flotsam and jetsam of globalization, a reserve army of surplus labor that can be jettisoned or rehired with the ebb and flow of the global economy. Read more

Friday 4 September 2009

PHILIPPINES: BSP, banks agree to cut remittance fees

By LEE C. CHIPONGIAN
September 4, 2009, 5:20pm
The Bangko Sentral ng Pilipinas (BSP) and the Association of Bank Remittance Officers (ABROI) have agreed in principle to reduce fees on fund transfers.

Talks have been ongoing for months now but BSP Deputy Governor Armando L. Suratos said the memorandum of agreement is being finalized for signing by the end of this year.

“There is an agreement in principle with banks to standardize and reduce their back-end processing fees,” Suratos said. “We expect to implement (this) upon signing of the MoA.”

The central bank is encouraging ABROI bank members Banco de Oro Unibank, Metropolitan Bank & Trust Co., Bank of the Philippine Islands, Philippine National Bank, Land Bank of the Philippines, Rizal Commercial Banking Corp. and China Banking Corp. to course remittances through its Philippine Payments and Settlements Systems (PhilPaSS). BSP cut fees to P5 per transaction as sweetener.Read more

Indian bank eyes 55% growth in remittances

By Himendra Mohan Kumar, Staff Reporter
Published: September 03, 2009, 22:55
Abu Dhabi: Indian multinational bank Bank of Baroda expects remittances to India through its UAE branches to increase 55 per cent on year to Rs45 billion (Dh3.37 billion) in the year to March 2010, a top executive said.

"In the April to June quarter, the combined remittances through our branches in the UAE stood at Rs13 billion. So, we are well on course to achieving our target," Ashok Gupta, the bank's chief executive for the GCC said.

Total remittances to India through the bank's branches increased 80 per cent on year to Rs29 billion in the year ended March 2009, said Gupta. Read more

Kenyans’ remittances home rise 8%

Friday, 4th September, 2009
E-mail article Print article
NAIROBI

The amount of money sent home by Kenyans living abroad in July was $50.372m, up 8.7% from $44.137m in the same month of 2008, the Central Bank of Kenya said on Thursday.

Total remittances in the first seven months of 2009 stood at $342.3m, down 8.4% from the same period of 2008, but up 10.3% from January-July 2007.

“The surge in 2008 remittance inflows was attributed to the Safaricom IPO and post-election violence, which attracted large funds for investment and consumption smoothing respectively,” the bank said in a statement issued early on Thursday.

Remittances to east Africa’s biggest economy are a key source of foreign exchange. They totalled $611.2m in 2008, up from $573.6m in 2007. Read more

Thursday 3 September 2009

EVENT: International Forum on Remittances, Tunis

The 2009 International Forum on Remittances will take place on 22 and 23 October 2009 in Tunis. 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.

Additional information will be provided at a later date.

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

Link

EVENT: SWIFT SIBOS 2009 - Hong Kong, 14-18 September 2009

Welcome to Sibos, the world's premier financial services event
In these unprecedented economic conditions, we're proud that Sibos continues to deliver unique value.

It is the only event that brings the entire financial community together in person; where networking and doing business are at the top of the agenda; and where you can contribute to advancing critical dialogue to define future strategies and take collective action that can shape the future of our industry.

> Workers' remittances: Evolving through the crisis

Tuesday 15 September, 16:00 - 17:00

Banks are getting back to basics and are looking at their fee-generating transaction business in a new light. The humble remittance is about as basic as it gets. The revenue generation potential is certainly interesting. More importantly, the service is key to acquiring new customers and creating a platform to cross-sell the other financial services they require. But do banks really have what it takes to serve migrant communities well? This session will look at banking industry developments in remittances, analyse what it takes to be a winner in ethnic banking, and look at innovative new products, services and marketing techniques that are being deployed.

Daniel Ayala, Senior Vice President, Global Remittance Services Group Head, Wells Fargo Bank
Michael Bellacosa, Director, Product Management, Treasury Services, The Bank of New York Mellon
Antonio Blanco, Director of International Banking, "La Caixa"
Navinder Duggal, Managing Director, GTS, Cash and Trade, DBS Bank Ltd.
Richard So, Senior Vice President and Deputy Group Head of the International Offices and Subsidiaries Group Metropolitan Bank and Trust Company

Read more

EVENT: Money Transfers Singapore Conference

Money Transfers Singapore Conference

GCMT2005
GCMT2006
GCMT2007
MTD2008
MTL2008
MTD2009
MTM2009

IAMTN will be hosting the inaugural Money Transfers Singapore conference on 28th September 2009 at The Grand Hyatt. The one-day conference will be the first ever IAMTN conference held on remittances in Singapore. Delegates from money transfer companies, banks and regulators throughout Asia Pacific will take part in a one day programme that will address the key issues in the remittance world in the largest receive region in the world. These include the impact of the global financial crisis on remittances globally and within the region, new technological opportunities, the regulatory environment and will focus on both strategic and operational imperatives. Not only will MTS provide a real opportunity to listen to acknowledged experts in the area of money transfer but it will also allow plenty of time for networking, initiating partnerships and showcasing products.

True to IAMTN traditions this conference will concentrate on practical solutions to challenges delivered by real experts who have first hand knowledge of working in the industry and working with regulators and the public sector to create an environment that delivers real products and real value to consumers. This will be an action oriented conference for people who want to ‘do’ not those who just want talk.

Delegates will be drawn from Singapore, Asia Pacific and other regions. This is a must attend event for anyone with an interest in doing business in the region or understanding just how important remittances are to Asia.

Read more

EVENT: African Diaspora and Remittances: A Pool for Financing Investments in Africa

heme: "African Diaspora and Remittances: A Pool for Financing Investments in Africa."
You are currently logged on to the AREC-2009 Website (www.arec-conference.org). It gives you access to ongoing information and features on the first African Remittance Conference, AREC, due to hold in Yaound̩ РCameroon from November 23- 25, 2009.


AREC 2009 is a market place for ideas to propel Africa’s development through increased remittances. Though a new phenomenon, development aid and foreign direct investment put together are now inferior to remittances received by some developing countries. Yet Africa is still to fully embrace this trend. Over $250 billion worth of remittances came into developing countries in 2006 according to the World Bank. AREC 2009 will sound a wakeup call for Africa - the poorest continent on the globe - to reap from this new form of wealth.


Africa’s development landscape has changed – for the better - and it is our hope to promote this positive record of economic growth. Further information on this conference will be available on this website which is however still under construction. If you have any problems with registration process or our account login, please contact us. Read more

Bangladesh Receive $937 Million Remittances In August Ahead Of Eid Festival

Siddique Islam - AHN Correspondent
Dhaka, Bangladesh (AHN) - Bangladeshis working abroad remitted a $937 million in August 2009, the highest monthly inflow in history, thanks largely to the forthcoming Eid-ul Fitr festival, officials told AHN Media Thursday.

"The remittance amount in August is a new record after June," a senior official of the Bangladesh Bank (BB), the country's central bank, told AHN, preferring anonymity, adding that $919.1 million was remitted in the month of June.

The August figure is up by $52.53 million from July, according to the central bank statistics released on Thursday.

The record rise in inward remittance is due mainly to the ensuing Eid-ul Fitr, the biggest religious festival for the Muslims, when traditionally migrant workers send home increased amount of money, the BB officials added.

Read more

Immigrant Remittances Hit Hard by Downturn

Immigrants' remittances to their home countries have dropped significantly due to the economic slowdown. Cash sent to relatives is a crucial source of income for many developing countries, so the drop-off in payments can have drastic effects. However funds sent from Finland are unlikely to play a decisive role in any other state.
Zenaida Aglipay, a Filipino who lives in Vantaa, just north of Helsinki, has worked in Finland for a couple of years. Every month she sends money home to her mother.

Read more

Analysts see growth accelerating in the second semester

ECONOMIC GROWTH will likely accelerate in the remaining months of the year as domestic demand continues to strengthen on the back of benign inflation and steady growth in remittances, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said in their joint publication, Market Call, which they released late last Wednesday.

This optimism was shared by the Congressional Planning and Budget Department (CPBD), the think tank of the House of Representatives which released its September report yesterday that showed revised, higher growth projections for the year.

FMIC and UA&P said growth in gross domestic product (GDP) will likely hit 2.5% and 4.5% in the third and fourth quarters of the year, respectively. Read more

Migrant workers` remittances at US$9.9 bln per year

Serang (ANTARA News/Asia Pulse) - Some six million Indonesian migrant workers abroad are sending a total of about Rp100 trillion (US$9.9 billion) home a year, making them the country`s second largest foreign exchange earner after oil and gas, a manpower official said.

National Agency for the Placement and Protection of Migrant Workers (BNP2TKI) head Jumhur Hidayat said on Monday migrant workers were doing a great service to their country because they helped to reduce unemployment, each of them was providing a living for an average of five family members, and having a "multiplier effect" on regional development.

He said the government should treat migrant workers with high respect, from the time they depart, while they were working abroad until they return home.

Source:
Business in Asia Today - Sept 2, 2009
published by Asia Pulse Source

Ivobank certified by Swift for workers' remittances project

vobank, the online banking service specialising in online payments and money transfer services, has been certified by Swift for the Workers' Remittances project.


The implementation has made full use of the XML messaging support inherent within Synergy's service bureau solution.

Commenting on the implementation, Geraldine Flavin, Treasury Manager at Ivobank, says: "Synergy's support in this complex project has been invaluable. Their SWIFT specialists have demonstrated a knowledge and commitment which has really helped to get us where we are now."

Synergy CEO Peter Sandhu added: "Future proof implementations and investment protection are a major element in our Service Bureau strategy. To play a major role in Ivobank's implementation of Workers' Remittances is a great testimony to the capability of our infrastructure and the skill of our Service Bureau Team."
Source

Kenyan Remittances Rose 8.7% in July, Central Bank Says

y Eric Ombok

Sept. 3 (Bloomberg) -- Kenyans living abroad sent home $50.4 million in July, an increase of 8.7 percent, compared with $46.3 million a month earlier, the Central Bank of Kenya said on its website late yesterday.

Total remittance inflows for the period January to July 2009 declined 8.4 percent to $342.3 million compared with $373.3 million in a similar period in 2008, the Central Bank said.

“The surge in 2008 remittance inflows was attributed to the Safaricom IPO and post-election violence, which attracted large funds for investment and consumption smoothing respectively,” it said.

The dominant source of inflows to Kenya is North America which accounts for over 50 percent of total remittances, the bank said.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

Source

PERU: Remittances sent to Peru amounted US $ 564 mln

LivinginPeru.com
Isabel Guerra

According to Peru's Central Bank of Reserve (BCR), remittances sent (to thir families) by Peruvians working abroad amounted US $ 564 million dollars during 2009's second quarter, which is the highest figure this year, and also an increase of 5.2% compared to the first quarter.

Remittances from the United States to Peru rose 3.4% during the second quarter, while those sent from other countries grew by 6.5% in the same period.

Also, Peruvians seems to trust more in bank services, since the percentage of remittances coursed through banks grew 10.4% percent during the second quarter of 2009.

BCR's last year figures also indicate that total remittances sent to Peru during 2008 amounted to US$2.43 billions. Source

INDIA: Remittances from UAE to India to grow in coming months

Press Trust of India / Dubai September 1, 2009, 14:57 IST
Remittances to India by expatriates living in the United Arab Emirates could rise in the days ahead in view of the coming festive season and the fear that the rupee would weaken further against the US dollar, media reports here said.



The rupee has been losing ground steadily, and industry experts said the strengthening of the dollar against the rupee meant that the Indian currency would lose against the dirham, which is pegged to the greenback.

It is said that India's high fiscal deficit, a poor monsoon and prospects of a rise in the cost of oil imports in the coming months would put greater pressure on the rupee.
Read more

KERALA: Emigration, remittances in Kerala not hit by meltdown: Study

THIRUVANANTHAPURAM: Notwithstanding the impact of global meltdown, the number of Keralites seeking overseas jobs, especially in Gulf nations and

remittance by Non-Resident Keralites are on the increase, a study shows.

The number of emigrants increased by 19 per cent to 21.9 lakhs from 18.4 lakhs while the remittance amount grew by 135 per cent from Rs 18,400 crores to Rs 43,300 crores between 2003-08, Migration and Monitoring Study (MMS) 2008 by Centre for Development Studies here revealed.

The study also indicated that the global crisis has partly contributed to acceleration in remittances in the case of Kerala. Read more

U.S. Economic Challenges Placing High Burdens On Caribbean Remittances To Relatives...

U.S. Economic Challenges Placing High Burdens On Caribbean Remittances To
Relatives Back Home
Plight of American Immigrant Creating Strongest July for Map Financial Group,
One of the Leading Microlenders



NEW YORK, Sept. 1 /PRNewswire/ -- Continued declines in the U.S. economy
through July have severely impacted remittances and have had profound rippled
effects on the economies of Caribbean countries, according to new research
coming from Map Financial Group, a leading microfinance lender in the region.

Facing hardship in the United States, American relatives have dropped
remittances by an estimated 9% on an annualized rate to their families
residing on the Caribbean islands, according to Map. The double-digit drop,
more than the 7.3% global decline estimated by the World Bank, has had a more
dramatic impact in the Caribbean, an area already reeling from declining
tourism and commodity prices and counting on remittances as a top five source
of income. Read more