BANGLADESH: Bank Asia signs MoU with Post Office

Diaspora Journey: The greater role of postal banks as remittance distribution channels is increasing. Kenya is already providing domestic and interstate remittance services. In 2010, Philippine Postal Corp. announced that most overseas Filipino workers (OFWs) can already send their remittances to their families in the country in seconds, and with cheaper rate compared with other remittance centers. The remittance service is envisioned to cater to both domestic transfer and international remittances.
Bangladesh is the latest initiative of governments to improve channeling of remittances.

Bank Asia Limited has signed a Memorandum of Understanding (MoU) with Bangladesh Post Office recently in the city.

Erfanuddin Ahmed, President and Managing Director of Bank Asia and Mobasherur Rahman, Director General of Bangladesh Post Office signed the MoU on behalf of their respective organizations.

Under the agreement, Bank Asia will be using designated outlets of Bangladesh Post Office to channellize remittance payments electronically. It may be mentioned here that Bank Asia Limited has arrangements with more than 20 exchange houses and remittance focused organizations spread allover the world and channellizing remittances through more than 1500 locations within Bangladesh.

Bangladesh Post Office is on the threshold of launching electronic money order and fund transfer services and has in the process signed MoUs with several banks. This joint venture will enhance remittance through authorized and legal channels and boost the economy further efficiently.

JAMAICA: Capital and Credit, Xoom in money-transfer alliance

Capital and Credit's remittance operation Reggae Money Express has formed an alliance with Xoom Corporation, an Internet-based global money transfer company operating from the United States.

The Reggae Money Express-Xoom.com partnership will allow customers to send money from a credit card
or chequing account to Jamaica from any Internet-enabled computer, the Jamaican company said Wednesday.

The details of the deal were not disclosed.

services offered

Reggae Money Express offers cash pick-up at some 70 sub-agents in the island, deposits to accounts held at any financial institution, bill payments
, as well as mortgage and other loan payments.

Under the new Xoom facility, when paying from a chequing account, the cost to transfer money to Jamaica, in amounts up to US$2,999, will be US$7.99. Read more

PAKISTAN: Risk of Gulf remittances falling: World Bank

ISLAMABAD: The recent debt payment problems of the Dubai World could lead to tightening of credit in the region, pointing to downside risks for South Asian migrants, working in the Gulf and reduced flow of remittances to their home countries, World Bank says in its latest report.

‘Should a significant portion of the stock of expatriate workers return home with accumulated savings due to downturn in the Gulf, near-term remittances inflow may likely rise,’ according to ‘Global Economic Prospects 2010: Crisis, Finance and Growth in Developing Countries.’

The debt payment problems suggest economic activity in the Arabian Gulf economies could surprise on the downside in the event of protracted problems, it says.

The report says remittances inflows – which provided a cushion for the region – could fail to recover in the event of a prolonged global recession or a jobless economic recovery, potentially coupled with tighter immigration controls.
Read more

Nigerians in diaspora remit $1.7billion annually

By Peter DURU, Makurdi
Professor Toyin Falola of the University of Texas, United States of America has disclosed that Nigerians in diaspora remit over $1.7billion annually to boost the nation’s economy.
He disclosed that these remittances were to family members and friends in the country, advising that the nation tapped into this foreign exchange source to stimulate development in the country.

Delivering a paper at a public lecture organised by the History Department of Benue State University, Makurdi, titled “Citizens at home, citizens abroad and the globalization of knowledge”, the don noted that the huge transfers could be translated to tangible developments for the teeming populace.

Professor Falola, who was invested with the Julius Nyerere Professorial chair of Modern African History by the Vice Chancellor of Benue State University, Professor Paul Akase Sorkaa, described himself as a Structural Adjustment Programme SAP Diasporan.

Moroccan policy-makers claim progress despite global slump

A bruised but battling Morocco has used competitiveness-boosting measures to fight through the global financial crisis, a government oversight committee concluded this week.

"The measures taken to tackle the crisis have mitigated the downturn witnessed since the end of 2008 and beginning of 2009," Finance Minister Salaheddine Mezouar, who heads the Strategic Monitoring Committee created in February to manage the crisis, told Magharebia on Tuesday (December 15th).

Morocco's recession has slowed in recent months, as the rate of contraction of critical sectors has decelerated. The most encouraging signs are in the two largest sources of foreign income: tourism and remittances. Tourism contracted by only -8.1% in October, compared with -21.6% in March, while in the same two months, remittances declined by only -7.7% as compared to -14.6%. Read more

Nepal: Migration and Development in South Asia

Dev Raj Dahal
Head, FES Nepal

Introduction: The new globalization reflects unorganized movement of workers while 19th century globalization was better organized as the states did not restrict the movement of workers. Now almost 3 percent of world's workers are on move. Though the state rules prevent the migration of workers but fosters the process of the globalization of capital, technology, knowledge and marketable goods. Developed countries demand more skilled workers which are in short supply in developing countries while the Gulf region and fastest growing economies demand all types of migrants. Brain drain has also reduced the stock of the nation's human capital and created development gap between the two where the developed countries defines the rules of game while developing countries have to adjust. Due to concentration of power and resources in urban notes there is a mass migration of people from rural to urban areas and even out migration. This is integrating various peoples into monoculture or mass civilization. Read more

SRI LANKA: Marked increase in foreign remittances

Despite the global economic meltdown foreign remittances have shown a significant increase and diversification.

Foreign remittances from countries such as Japan, Korea, Malaysia, Europe and North America recorded a higher growth during the year, a senior official of the Central Bank told Daily News Business.

He said that these remittances were mainly from expatriate Sri Lankans working in Middle East countries, which accounts for 60 percent of the total remittances, while 20 percent was remitted by Sri Lankan expatriates in Europe.

The other remittances were from North America and the Far East. This indicates a slight decline in remittances from Middle East countries, while there is a growth in the percentage from countries such as Japan, Korea, Malaysia, Europe and North America.

The Central Bank did not anticipate a higher growth in foreign exchange earnings during the year as many employees lost their jobs due to the global recession. Gross foreign remittances during the first nine months of the year were US$ 2,481.4 million, a growth of 10.3 percent compared to 2008.

The Central Bank targets US$ 3 billion in foreign exchange earnings this year and it is confident that they could achieve this goal, he said. Read more

BANGLADESH: Stop harassment of overseas job seekers

President Zillur Rahman yesterday urged the expatriate welfare and overseas employment ministry for immediate special action to stop harassment of the Bangladeshis going abroad for employment.

"Bangladeshi job seekers abroad fell victims of harassment and various deceits and are often compelled to lead miserable life by losing everything," he said at a function at the Osmani Memorial Auditorium on the occasion of International Immigrants Day.

The function was organised by expatriate welfare and overseas employment ministry with its Minister Khandaker Mosharraf Hossain in the chair.

Zillur hoped that besides the government, different institutions and individuals who are involved with the sector should play a responsible role to protect the interests of the overseas job seekers. Read more

Iranian postal company’s reps to cover in Baku exchange of electronic remittances with Azerbaijan

Baku, Fineko/abc.az. Specialists of Iran’s postal company will arrive in Azerbaijan on December 20-22 of current year.

The Ministry of Communications & Information Technologies (MCIT) informs that during the visit the guests will discuss a number of issues with the specialists of the MCIT and Azerpocht LLC.

“At the suggestion of Azerbaijani side, the agenda of the meeting includes a wide range of issues such as sending of international mail in transit between the two countries, exchange of electronic remittances, creating conditions for the delivery of international terrestrial mail from the territory of Iran to Nakhchivan Autonomus Republic, issuance of joint postage stamp dedicated to the theme of ecology of the Caspian Sea and others,” the Ministry says.

These activities are carried out within provisions of the Memorandum of Understanding on cooperation in the postal sphere between the Ministry of Communications and Information Technologies of Azerbaijan and Iranian Ministry of Information and Communication Technologies, signed on March 10, 2009 in Tehran during this March’s visit of Azerbaijani President Ilham Aliyev to Iran.

In this respect, working groups have been established in postal agencies of both countries and it is planned to hold regular meetings between experts of postal areas in both countries to implement activities stipulated in the document.

Source

ANGOLA: Angola: New study highlighting remittances in Angola calls for measures to enhance their development impact

Source: International Organization for Migration (IOM)

Date: 18 Dec 2009


With remittances crucial to family welfare and food security in Angola, a new IOM study argues the need to do more to build links with the Angolan diaspora and to lower remittance costs in order to maximize the developmental impact of remittances in the country.

The study, "Migrant Remittance Flows to Angola from Portugal and South Africa, and their Current Use and Impact on Receiving Households", released today in the Angolan capital, Luanda, also calls for continued efforts to facilitate investment in the Southern African country.

Interviews with 404 remittance-receiving family heads in Angola and 423 remittance sending migrants in Portugal and South Africa revealed that only 14 per cent of respondents used a portion of remittances for business purposes and even fewer, one percent, for investment in agricultural activities. Read more

JAMAICA: The love keeps coming home - Remittances increase despite recession

Despite the economic challenges this year, many Jamaicans are still expected to make that journey to spend Christmas on the rock. Those who can't make it home are still expected to send money for relatives.

According to GraceKennedy Money Services (GKMS) operators of Western Union, while the amount of money people send has decreased, the number of transactions has gone up by five per cent.

GKMS managing director Joan-Marie Powell said although persons complain that remittances are down, Jamaicans overseas continue to take care of their families.

"Persons who used to send US$100 may send $80 or $50, but the fact is they're still sending. In fact, the number of transactions has actually increased by about five per cent, as people send a little less, but more often," she notes. Read more

Rwanda: Engaging the Diaspora as Force for Dev't

Kigali — Rwandans in the Diaspora are meeting in Kigali to map out strategies on how they can better serve their country. As this important group of Rwandans meet, the Central Bank has given them the green light to set up the Rwanda Diaspora Mutual Fund to mobilize resources for investing in various sectors of their interest within the country.

The Rwandan Diaspora is increasingly becoming an important sector of our society, contributing immensely to the development on this country. Last year, remittances from this group rose to $175 million up from $139 million that was recorded a year before.

The figures are expected to rise this year, despite the on-going global financial crisis. Read More

PHILIPPINES: Remittances hit record $1.5B in October

Highest monthly figure bringstotal to $14.3B
By Michelle Remo
Philippine Daily Inquirer
First Posted 22:07:00 12/15/2009

Filed Under: Remittances, Overseas Employment

MANILA, Philippines - Remittances sent to the Philippines reached $1.5 billion in October, the highest monthly record to date, due to the sustained global demand for Filipino labor and moves of OFWs to send more money to families affected by the recent calamities.

The October figure was 6.7-percent higher than the level in the same month last year and brought total remittances for the first 10 months of the year to $14.3 billion, up 4.5 percent from a year ago.

“The continued deployment of Filipino workers abroad, particularly skilled and higher-paid workers, has provided support to the steady flow of remittances over the 10-month period,” said Governor Amando Tetangco Jr. of the Bangko Sentral ng Pilipinas. Read more

Is a US Brain Drain on the Horizon?

BERKELEY, CALIFORNIA: At a recent meeting of young technologists in Silicon Valley, I polled a room full of Indian techies about their future plans. It was an ad hoc exercise but when I asked how many of them planned to return home to India to work in the near future, I was amazed that over 50 percent of the people raised their hands. That dynamic is also playing out on a world stage as the great nations of the world battle for the brains that will spur their economies. During his recent trip to the US Indian Prime Minister Manmohan Singh said he welcomed Indians to return home. India also unveiled a policy that would allow Indians to hold multiple citizenships to allow them to access the incentive benefits of Indian nationals without giving up their US citizenship. China, too, has mounted campaigns and offered incentives to bring back business people, technologists and entrepreneurs who were living overseas. Ironically, this trend has been growing at a time when the crisis-hit United States is facing pressure to discourage immigration by foreigners with skills. Read more

BANGLADESH: Recruiting, money transfer agents asked to ensure safe investment of remittances

Recruiting and money transferring agencies must play a role in ensuring safe and secure investment of remittances from their corporate social responsibility (CSR) point of view, speakers told a seminar here yesterday.

The agencies earn billions of dollars from migrant workers but do nothing for protection of their rights and their family members, they pointed out at the seminar marking the International Human Rights Day.

Chairman of the Parliamentary Standing Committee on Ministry of Labour and Employment M Israfil Alam was the chief guest at the seminar on 'Protection of the Rights of Migrant Remitters and their Family' held at Jatiya Press Club.

WARBE Development Foundation (WDB), an NGO working for the migration workers' rights, organised the event in cooperation with International Network of Alternative Financial Institutions (INAFI) and Ovibashi Karma Unnayan Program (OKAF).

WDB Chairman Syed Saiful Haque chaired the seminar, addressed as special guests by President of Bangladesh Association of International Recruiting Agencies (BAIRA) Ghulam Mustafa, Director of Bureau of Manpower, Employment and Training (BMET) Dr Nurul Islam and Project Manager (remittances) of INAFI M Rashed Al Hasan.

Read more

INDIA: Citi Partners With India Post For Remittances Solution

Citi has entered into a landmark partnership with the Department of Posts, Government of India (India Post) to enhance its recently launched MO Videsh remittance product. This international remittance service is powered by Citi’s WorldLink payment services and provides India Post the ability to send payments in over 130 currencies globally through their existing Eurogiro payments platform.

Under the partnership, India Post will provide global remittance services to its customers in over 800 head post offices across the country within three months. India Post plans to extend the service to over 8,000 post offices nationwide within one year.

This deal is significant for both Citi and India Post leveraging the Citi and Eurogiro partnership to provide India Post with the widest number of currencies globally. Read more

NEW ZEALAND: NZ programme aims at helping with remittances

Diaspora Journey: Financial Literacy for remittance senders and receivers is very vital. Here is one innovative approach to educate people on how to manage their hard-earned income for their own benefit

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The New Zealand Pacific Remittances project has produced a calendar with a different financial tip for Pacific consumers each month.

The Project Manager, Kim Hailwood, says it is the first step in a pilot programme to help people become more financially aware and to save money.

The project team has the support of the Ministry of Pacific Island Affairs, the Reserve Bank, the World Bank, NZAID and the Pacific Cooperation Foundation.

Ms Hailwood says people sending remittances learn how to save extra transaction fees.

“The whole purpose of the calender was to create awareness, and we originally thought about doing a sheet, a financial literacy tips sheet. But then people get a piece of paper, read it and then throw it out. But with a calendar its on the wall for twelve months, and each month there is a new financial literacy tip. And it’s in English, Samoan and Tongan.”

Kim Hailwood says copies of the 2010 calendars have been sent out to community groups nationwide as well as to Samoa and Tonga.

News Content © Radio New Zealand International
PO Box 123, Wellington, New Zealand

Source:

Kiribati appeals for jobs abroad to save islanders

COPENHAGEN, Denmark—The remote Pacific nation of Kiribati has appealed to rich nations to give training and jobs to its people, fearing its very existence is at risk if the low-lying atolls are swamped by rising seas.

Foreign Secretary Tessie Eria Lambourne said Kiribati, whose islands lie just two meters (about six feet) above sea-level on average, was in imminent danger from global warming.

She proposed expanding a scheme already in place in Australia and New Zealand, where people from Kiribati are trained as nurses and given the option to work and settle there. Read more

Kidnap-prone Filipino seafarers keep remittances afloat at $2.5 billion

Amid the threat of kidnappings in the high seas, Filipino seafarers remitted a record $2.502 billion from January to September this year, the Trade Union of the Philippines (TUCP) said.

The increase in remittances is attributed to the rising enlistment of Filipinos in the world’s ships, TUCP secretary-general Ernesto Herrera said Tuesday.

“Foreign employers find Filipino sailors quick learners, and easier to train compared to other nationals," Herrera added.

According to him, several European and Asian shipping firms have disbanded their multinational crews to replace them with all-Filipino personnel. Read more

First session of Overseas Pakistanis Forum: Overseas Pakistanis extend full support to Pakistan's challenges

DUBAI: The first session of Overseas Pakistanis Forum, organised by Pakistan's Ambassador at large Javed Malik and chaired by Federal Minister for overseas Pakistanis Dr Farooq Sattar concluded here on a high note with the overseas Pakistani community expressing their full support to their homeland in these challenging times.

Delegates from UAE and some middle-eastern countries also took part.

"The forum provided a platform for the overseas Pakistanis in the region to directly interact with the decision makers, and therefore we invited the federal minister for overseas Pakistanis to listen to their issues," explained Malik who is leading this effort.

Presidents of all Pakistani associations and business councils in the UAE were represented in the forum and took part in the interaction. The forum started with a presentation by Malik in which he highlighted the issues being faced by overseas Pakistanis. He was critical of the fact that successive governments have wrongly stereotyped the role of overseas Pakistanis only as workers who can simply send remittances. This is not all that they are capable of doing, times have changed and Pakistanis living abroad have acquired positions of affluence and influence, they have gained skills, professional training and resources and many other features in the most influential and rich list of their host countries. All of them are keen to play a role in supporting their country, but there is no framework that allows them to do this. Read more

ZIMBABWE: Diasporans oiled the ZANU-PF machine: Mafa

By Hakuna Musina in Mashonaland West, Zimbabwe

Zanu-PF has shamelessly admitted that it survived and managed to stay in power because of finances remitted by Zimbabweans living in the diaspora as it emerged that diasporans remitted US$1 billion in 2008 alone.

Speaking at a consultative meeting which is a build-up to the party's congress next week, Zanu PF Mashonaland West Chairperson John Mafa revealed that the ZANU-PF killing machine which was on the brink of total collapse at some point, was in fact oiled by the diasporans.

The disaporans did not intend doing so, but through strict foreign currency regulatory laws introduced by the troubled Mugabe government from 2004 meant that every penny sent by a Zimbabwean from abraod, the government would get a share. In the process when the whole world was squezzing the dictator, Mugabe turned to the same people whom he used to chastise for doing minimal jobs in England - if it was not for these Zimbabweans, Mugabe would be history today. Read more

SRI LANKA: Nearly SLR 2 billion deposited by Tamil refugees

``Many of the displaced had come to the camps with cash strapped to their arms and legs. Forty feet containers were transformed into mobile banks so that the people could deposit the money and valuables. Telecommunication facilities were also given so that they could get remittances from relatives abroad,’’ governor of Central Bank of Sri Lanka, Ajith N Cabraal, told HT.

``As more Tamils get resettled, we expect that remittances they have been getting from abroad would also increase,’’ Cabraal said. He added that in a recent meeting in Jaffna, commercial banks in the five districts of the northern province – large parts of which were under the Liberation Tigers of Tamil Eelam (LTTE) – were instructed to release about SLR 1 billion this month in small loans to help Tamils resettle. Seven other financial schemes for the resettled were also being implemented. Read more

MINDIA: Migrant workers from India are going to be hit real hard by the Dubai debacle

A sudden halt to Dubai's real estate boom has come with the country's defaults on huge debts to global creditors. It has flustered the confidence of the investors across the Gulf region. The government of Dubai on November 25, 2009 said that it would ask all creditors of Dubai World and Nakheel to "standstill" and extend their loan agreements by six months. This revelation sent shock waves to the Sensex world. Stock exchanges all over the world tumbled after this, including Bombay Stock Exchange.

Dubai World is a large government-owned corporation with an enormous portfolio, ranging from interests in ports to property and diamonds, involving thousands of workers and professionals. Its most well-known companies are Dubai Ports World, one of the largest owners of ports in the world, and Nakheel, a property developer that created the swanky The Palm Islands, The World and The Waterfront for the super rich. Also an Islamic bond, known as sukuk, with a face value of $3.52 billion is due to come on December 14. Read more

BANGLADESH: Utilizing remittances and reserve productively

A sound foreign currency reserve is the desired macro-economic objective of all countries. For, a good reserve helps to underwrite a country's economic viability by creating assurances of smooth conduct of its foreign trade. It has been always considered that a country must have a reserve position to be able to pay for its expected imported operations for a minimum reasonable period of time, let us say three to four months. This margin is considered the lowest limit, falling below which level may invite macro-economic instability. The current reserve of Bangladesh, $10.5 billion, should be enough to support the country's import activities for about two to six months. Thus, the present size of the reserve can be a sort of satisfaction for managers of the economy. Read more

Kenyan remittances slip in October to $53 mln

NAIROBI (Reuters) - The amount of money sent home by Kenyans abroad fell to $53.04 million in October from $53.35 million the month before and the central bank said on Monday that cumulative remittances had dropped 4 percent this year.

Remittances are the third-biggest source of foreign exchange for east Africa's biggest economy, following agricultural exports and tourism.

Kenyans sent home $504.60 million over January-October compared with $527.14 million over the same period last year, but up from $476.66 million in first 10 months of 2007.

Remittances in 2008 totalled a record $611 million, which the central bank says was as a result of Kenyans in the diaspora responding to cushion relatives against the multiple shocks of drought-induced inflation and post-election violence. Read more

PHILIPPINES: Debt Crisis Could Halve Remittances Of Filipino Workers In Dubai

Manila, Philippines (AHN) - The Trade Union Congress of the Philippines warns of a substantial cut in remittances from Filipino workers in Dubai due to the debt crisis being faced by the city. OFWs in the United Arab Emirates send home yearly $632 million, which is one-fourth of all remittances from Filipino workers in the Middle East.

TUCP Secretary General Ernesto Herrera said all Dubai state-owned companies will likely cut their jobs. Similar moves are expected from construction, real estate, financial services, retail, trade and travel and tourism firms, which employ thousands of Filipino workers.

For the first nine months of 2009, OFWs in UAE sent home $431.4 million, according to data from the Bangko Sentral ng Pilipinas. It is already down by one percent compared to the same period last year and may likely go plummet further as Dubai's debt crisis deepen. Read more

PHILIPPINES: Dubai-crisis-could-cost-RP-300M-in-remittances

MANILA, Philippines—The Philippines could lose as much as $300 million worth of remittances from Filipino workers based in Dubai due to the debt woes of Dubai World, one of the flagship holding firms of the United Arab Emirates (UAE), the Trade Union Congress of the Philippines (TUCP) said.

"If the labor department’s projection is accurate—that as many as 200,000 Filipino workers there might be adversely affected—then we risk losing one-half of all remittances from Dubai on an annual basis," said TUCP secretary-general and former senator Ernesto Herrera in a statement.

"All of Dubai’s state-owned companies, the biggest employers there, will surely be forced to restructure, mainly through job cuts," said Herrera, former chairman of the Senate committee on labor, employment, and human resources development. Read more

BANGLADESH: Fat Remittanc May Prove Bane to Economy

Financial analysts said rising remittances to Bangladesh should be invested in the productive sector to avert inflation and spur economic growth.

They said the idle foreign exchange in the banks could spur inflation and raise import of luxury goods, which would affect the country's macro-economy badly.

The non-resident Bangladeshis (NRBs) and workers have remitted over US$1.0 billion in November-- the highest monthly inflow recorded, central bank statistics said.

Read more

Dubai crisis not to largely impact UAE remittance outflow: IMF

WASHINGTON/NEW DELHI: The International Monetary Fund has said the Dubai debt crisis will not have a large impact on the flow of remittance out
of the United Arab Emirates.

The UAE accounts for nearly 13 per cent of the total remittance flow into India, with as many as 42 per cent of the 1.5 million population of Dubai being Indians.

Noting that remittance worth USD 10 billion go out of the UAE, a top IMF official has said the Dubai crisis might have some effect on those outflows.

"... I think it's important to recognise that while there may be a slowing down in Dubai, Abu Dhabi continues to grow rapidly, as do other countries in the Gulf Cooperation Council (GCC). So the net effect in terms of remittances out of the region may not be as large," Masood Ahmed, Director of IMF's Middle East and Central Asia Department said on Wednesday. Read more

Dubai faces gradual exodus of migrant workers

y W.G. Dunlop
Agence France-Presse First Posted 12:35:00 12/06/2009 Filed Under: World Financial Crisis, Economy and Business and Finance, Overseas Employment

DUBAI, United Arab Emirates—Construction worker Bilal is in a happy mood as he takes his lunch break sitting next to an artificial lake near Dubai's showpiece Mall of the Emirates.

But he admits anxiety about the end of his contract in one year's time, when the 24-year-old may have to return to Bangladesh.

The shock news of Dubai's debt crisis is not expected to spark an immediate surge in redundancies in the once-booming desert metropolis, but a gradual exodus is likely as workers' contracts expire and the lack of new projects means they are unable to find new jobs. Read more