KATHMANDU, Aug 11 - Each household which has a family member working abroad receives an average remittance of Rs. 80,462 per year.
The Labour Force Survey 2008 carried out by the Central Bureau of Statistics (CBS) revealed that 30 percent of the households receives remittances either from inside or outside the country.
Overseas remittances accou- nt for 83.2 percent with the rest coming from within the country. Families receiving remittances from inside the country receive an average of Rs. 28,976
per year.
According to Nepal Rastra Bank (NRB), the country received remittances amounting to Rs. 204.72 including money sent back by workers and servicemen's pensions during the first 11 months of the last fiscal year.
The remittance inflow grew by 51 percent during 11 months of last fiscal year against the increase of 37.3 percent, according to the NRB. The government has also admitted that the role of remittance remained crucial to reduce to people under poverty line from 41 percent to 31 percent now.
Above two million people are estimated to have gone to foreign countries to work. The survey found that 29.1 percent of the households had at least one member working abroad. Read more
Saturday, 15 August 2009
SRI LANKA: http://www.dailynews.lk/2009/08/11/bus01.asp
Despite the global economic downturn which affected the foreign exchange earnings of many countries, Sri Lanka's foreign remittances from expatriate Sri Lankans working in many parts of the world recorded an increase of five percent compared to 2008, a senior official of the Central Bank of Sri Lanka told Daily News Business.
Migrant workers
He said, "Foreign remittances during the first half of 2009 were US$ 1.6 billion while remittances during the corresponding period in 2008 were US$ 1.5 billion, a five percent growth over last year."
"However, during the first quarter of 2009 the remittances showed a slight decrease - US$ 774 million by Sri Lankan expatriates, compared to US$ 787 million during the corresponding period in 2008," he said. Read more
Migrant workers
He said, "Foreign remittances during the first half of 2009 were US$ 1.6 billion while remittances during the corresponding period in 2008 were US$ 1.5 billion, a five percent growth over last year."
"However, during the first quarter of 2009 the remittances showed a slight decrease - US$ 774 million by Sri Lankan expatriates, compared to US$ 787 million during the corresponding period in 2008," he said. Read more
Risks to remittance flows call for cautious policies in recipient countries
The slowdown in remittance flows that became evident in the last quarter of 2008 continued into the first half 2009, therefore posing more threat to top recipient countries.
Not a few economic watchers have come to realise the implication of declining remittance flows to recipient countries, advising on the need to put in place policies that would cushion the effect of the projected decline.
After the latest data revisions for 2008, India, China and Mexico, retain their position as the top recipients of migrant remittances among developing countries. Other top 10 remittance recipients include Nigeria, Philippines, Poland, Romania, Egypt, Bangladesh, and Vietnam. In contrast, the top recipients in terms of the share of remittances in Gross Domestic Product (GDP) include many smaller economies such as Tajikistan, Tonga, Moldova, Lesotho, and Guyana. Read more
Not a few economic watchers have come to realise the implication of declining remittance flows to recipient countries, advising on the need to put in place policies that would cushion the effect of the projected decline.
After the latest data revisions for 2008, India, China and Mexico, retain their position as the top recipients of migrant remittances among developing countries. Other top 10 remittance recipients include Nigeria, Philippines, Poland, Romania, Egypt, Bangladesh, and Vietnam. In contrast, the top recipients in terms of the share of remittances in Gross Domestic Product (GDP) include many smaller economies such as Tajikistan, Tonga, Moldova, Lesotho, and Guyana. Read more
BANGLADESH: Remittance drives banks to open exchange houses abroad
Sajjadur Rahman
Private commercial banks (PCBs) are scrambling to open exchange houses abroad to cash in on increasing business driven by inward remittances, officials said.
At least half a dozen banks sought permission from Bangladesh Bank to open nearly 10 exchange houses in remittance destinations, such as Canada, Italy, Singapore and the UK, central bank officials said.
Currently, eight local banks -- including the state-owned four -- have 28 exchange houses abroad, BB data shows. Read more
Private commercial banks (PCBs) are scrambling to open exchange houses abroad to cash in on increasing business driven by inward remittances, officials said.
At least half a dozen banks sought permission from Bangladesh Bank to open nearly 10 exchange houses in remittance destinations, such as Canada, Italy, Singapore and the UK, central bank officials said.
Currently, eight local banks -- including the state-owned four -- have 28 exchange houses abroad, BB data shows. Read more
LATIN AMERICA: Region to lose millions in remittances
WASHINGTON, CMC - The Inter-American Development Bank (IDB) Wednesday said that Latin America and the Caribbean are expected to experience an 11 per cent decline in remittances this year.
According to the IDB’s Multilateral Investment Fund (MIF), the region is expected to receive about US$62 billion in remittances from its expatriates in 2009.
“The estimate reflects the impact of the global economic crisis on migrant workers from this region, most of whom are living in industrialised countries hit by recessions, such as the United States, Spain and Japan,” the MIF said.
IDB president Luis Alberto Moreno said the crisis is clearly limiting migrants’ capacity to send money home. Read more
According to the IDB’s Multilateral Investment Fund (MIF), the region is expected to receive about US$62 billion in remittances from its expatriates in 2009.
“The estimate reflects the impact of the global economic crisis on migrant workers from this region, most of whom are living in industrialised countries hit by recessions, such as the United States, Spain and Japan,” the MIF said.
IDB president Luis Alberto Moreno said the crisis is clearly limiting migrants’ capacity to send money home. Read more
PAKISTAN: Pakistan's July remittances at record $747.22 mln
KARACHI, Aug 12 (Reuters) - Pakistan received a record $747.22 million in remittances from citizens overseas in July, compared with $627.21 million in the same month last year, the State Bank of Pakistan said late on Tuesday.
The previous monthly record was $739.43 million, received in March.
Article Controls
The largest inflow of remittances during July came from the United Arab Emirates, with $159.32 million, followed by Saudi Arabia with $150.13 million. Read more
The previous monthly record was $739.43 million, received in March.
Article Controls
The largest inflow of remittances during July came from the United Arab Emirates, with $159.32 million, followed by Saudi Arabia with $150.13 million. Read more
RWANDA: Kigali — The government has called upon the Rwandan Diaspora to embrace the different socio-economic policies that the government has adopted
Kigali — The government has called upon the Rwandan Diaspora to embrace the different socio-economic policies that the government has adopted to foster development.
Addressing the Diaspora yesterday, the Minister of Foreign Affairs and Regional Cooperation, Rosemary Museminali, urged them to exercise their democratic right by fully participating in next year's presidential elections.
The meeting drew participants from 13 countries including Rwandan students currently persuing their education in Saudi Arabia. Read more
Addressing the Diaspora yesterday, the Minister of Foreign Affairs and Regional Cooperation, Rosemary Museminali, urged them to exercise their democratic right by fully participating in next year's presidential elections.
The meeting drew participants from 13 countries including Rwandan students currently persuing their education in Saudi Arabia. Read more
JAMAICA: Remittances plunge - Flow dips to three-year low
Remittances plunge - Flow dips to three-year low
Published: Friday | August 14, 2009
Lavern Clarke, Business Editor
Remittance inflows to Jamaica have already dropped close to 16 per cent since January, and a multilateral agency is predicting that money transfer markets will continue to slide and that the drop would be widespread across Latin America and the Caribbean region.
The Inter-American Develop-ment Bank (IDB) estimates that remittances will decline 11 per cent year-on-year, based on its annual survey of migrant workers, and that this could affect some four million people funded by relatives working overseas.
Average transfers were found to have slipped from US$241 to US$230 per transaction, while the frequency is down from 15 times per year to 12 per migrant.
The IDB's Multilateral Invest-ment Fund, which tracks the flows annually starting this decade, estimates that remittances will fall to a three-year low of US$62 billion in 2009. Read more
Published: Friday | August 14, 2009
Lavern Clarke, Business Editor
Remittance inflows to Jamaica have already dropped close to 16 per cent since January, and a multilateral agency is predicting that money transfer markets will continue to slide and that the drop would be widespread across Latin America and the Caribbean region.
The Inter-American Develop-ment Bank (IDB) estimates that remittances will decline 11 per cent year-on-year, based on its annual survey of migrant workers, and that this could affect some four million people funded by relatives working overseas.
Average transfers were found to have slipped from US$241 to US$230 per transaction, while the frequency is down from 15 times per year to 12 per migrant.
The IDB's Multilateral Invest-ment Fund, which tracks the flows annually starting this decade, estimates that remittances will fall to a three-year low of US$62 billion in 2009. Read more
Monday, 3 August 2009
Bonn Conference on International Development Policy 2009
New Impulses for Development Cooperation between the Regions and Local Authorities
The federal states, regions and local authorities are important players in the field of development cooperation.
Development cooperation is not solely a domain of the national states. On the contrary: Federal states (or rather in the European context: Regions) and local authorities are also important players. This is the message of the 2nd Bonn Conference on International Development. But how can and how do the subnational players want to employ their skills? Which development policy tasks do the federal states or the regions assume, and which tasks are carried out by local authorities? What form can development cooperation with a viable future, in which the Federal government, federal states and local authorities are jointly responsible, take? What do the federal states expect from the federal government? These questions that were already posed in 2008 at the annual conference of the heads of government of the federal states in Dresden, will now be further discussed in Bonn. In this process we should take a look beyond Germany`s boundaries to other European states and their partners in Sub-Saharan Africa. Guests from France, Sweden, Spain, Ghana and from numerous additional African and European states report on their experiences working with other countries in the field of Development Cooperation. Specific examples of everyday cooperative work, which are presented at the 2nd Bonn Conference on International Development Policy additionally provide action guidance. As was already the case at the 1st Bonn Conference the event organisers will attach great importance to dialogue between experts from the political, economic, science and civil society sectors.
The 2nd Bonn Conference on International Development Policy is an event organised by the Ministry for Intergenerational Affairs, Family, Women and Integration of the Federal German State of North Rhine-Westphalia (MGFFI). The joint event organisers are the Association of German development non-governmental organisations (VENRO), the Federal City of Bonn, the German Development Institute (DIE), and the KfW Entwicklungsbank. The event's cooperation partners are the Deutsche Welle (DW), the European Association of Development Research and Training Institutes (EADI), and the NRW.BANK.
Go to the programme
Go to the registration form
The federal states, regions and local authorities are important players in the field of development cooperation.
Development cooperation is not solely a domain of the national states. On the contrary: Federal states (or rather in the European context: Regions) and local authorities are also important players. This is the message of the 2nd Bonn Conference on International Development. But how can and how do the subnational players want to employ their skills? Which development policy tasks do the federal states or the regions assume, and which tasks are carried out by local authorities? What form can development cooperation with a viable future, in which the Federal government, federal states and local authorities are jointly responsible, take? What do the federal states expect from the federal government? These questions that were already posed in 2008 at the annual conference of the heads of government of the federal states in Dresden, will now be further discussed in Bonn. In this process we should take a look beyond Germany`s boundaries to other European states and their partners in Sub-Saharan Africa. Guests from France, Sweden, Spain, Ghana and from numerous additional African and European states report on their experiences working with other countries in the field of Development Cooperation. Specific examples of everyday cooperative work, which are presented at the 2nd Bonn Conference on International Development Policy additionally provide action guidance. As was already the case at the 1st Bonn Conference the event organisers will attach great importance to dialogue between experts from the political, economic, science and civil society sectors.
The 2nd Bonn Conference on International Development Policy is an event organised by the Ministry for Intergenerational Affairs, Family, Women and Integration of the Federal German State of North Rhine-Westphalia (MGFFI). The joint event organisers are the Association of German development non-governmental organisations (VENRO), the Federal City of Bonn, the German Development Institute (DIE), and the KfW Entwicklungsbank. The event's cooperation partners are the Deutsche Welle (DW), the European Association of Development Research and Training Institutes (EADI), and the NRW.BANK.
Go to the programme
Go to the registration form
JAMAICA: Bumpy ride after remittance bonaza
Dennis Morrison, Contributor
As we enter the peak of the traditional summer traffic of returning non-resident Jamaicans, families across the island are no doubt excited to welcome home their relatives for the Emancipation and Independence festivities. The overflow in the immigration and customs halls at both our airports, but especially at the Norman Manley International, is a visible reminder of the substantial numbers who make the trip at this time of year. Usually, about 30 per cent of the annual traffic of returning Jamaicans come home in the July-August period, putting it ahead of the 25 per cent who visit during the Christmas season.
With unemployment rising in the USA, Canada and the UK where the vast majority of our overseas relatives reside, it is not surprising that the traffic in July was running five per cent or so behind last year. The flow of remittances, another powerful indicator of the close ties between the two Jamaicas, is even more seriously affected, declining by 16.7 per cent, or US$141.5 million in the January to May period. Contrary to earlier predictions, overseas Jamaicans have not been immune from the recession, losing jobs and wealth, and thus, have had to cut back on money transfers to relatives here. Read more
As we enter the peak of the traditional summer traffic of returning non-resident Jamaicans, families across the island are no doubt excited to welcome home their relatives for the Emancipation and Independence festivities. The overflow in the immigration and customs halls at both our airports, but especially at the Norman Manley International, is a visible reminder of the substantial numbers who make the trip at this time of year. Usually, about 30 per cent of the annual traffic of returning Jamaicans come home in the July-August period, putting it ahead of the 25 per cent who visit during the Christmas season.
With unemployment rising in the USA, Canada and the UK where the vast majority of our overseas relatives reside, it is not surprising that the traffic in July was running five per cent or so behind last year. The flow of remittances, another powerful indicator of the close ties between the two Jamaicas, is even more seriously affected, declining by 16.7 per cent, or US$141.5 million in the January to May period. Contrary to earlier predictions, overseas Jamaicans have not been immune from the recession, losing jobs and wealth, and thus, have had to cut back on money transfers to relatives here. Read more
SRI LANKA: Mobile phones for inward remittances, awaiting guidelines
A recent study indicated that using mobile phones for inward remittances had potential among Sri Lankan migrant workers. However, regulators need to set out clear guidelines for mobile operators to develop this concept.
“Mobile payment facilities have great potential for remittances,” says a study conducted by LIRNEasia, on Tele-use at the Bottom of the Pyramid. LIRNEasia is a non governmental organisation involved in information and communication technology policy and regulation capacity-building.
“However, without clear guidelines, mobile operators cannot develop, test and deploy such services to cater to this important market,” says the study. The study that targeted 106 recently returned Sri Lankan migrant workers belonging to the lowest socioeconomic segments, says the system also needs credible organisations involved in the transactions, for migrant workers to trust the concept. Read more
“Mobile payment facilities have great potential for remittances,” says a study conducted by LIRNEasia, on Tele-use at the Bottom of the Pyramid. LIRNEasia is a non governmental organisation involved in information and communication technology policy and regulation capacity-building.
“However, without clear guidelines, mobile operators cannot develop, test and deploy such services to cater to this important market,” says the study. The study that targeted 106 recently returned Sri Lankan migrant workers belonging to the lowest socioeconomic segments, says the system also needs credible organisations involved in the transactions, for migrant workers to trust the concept. Read more
Saturday, 1 August 2009
MEXICO: Mexican Households Getting Remittances Down 15 Percent
MEXICO CITY – The number of Mexican homes that received remittances from abroad fell by 14.8 percent between 2006 and 2008, BBVA Bamcomer said in a report released Monday.
During that period, more than 275,000 families “stopped counting on this important source of income,” said the Spanish-owned bank in an analysis of the Mexican government’s 2008 National Household Incone and Expenditures Survey, or ENIGH.
Thus, if in 2006 a total of 1.86 million families received remittances, in 2008 that figure fell to 1.58 million.
Remittances – overwhelmingly from the United States – constitute Mexico’s No. 2 source of revenue after oil exports. Read more
During that period, more than 275,000 families “stopped counting on this important source of income,” said the Spanish-owned bank in an analysis of the Mexican government’s 2008 National Household Incone and Expenditures Survey, or ENIGH.
Thus, if in 2006 a total of 1.86 million families received remittances, in 2008 that figure fell to 1.58 million.
Remittances – overwhelmingly from the United States – constitute Mexico’s No. 2 source of revenue after oil exports. Read more
ARMENIA: Armenian Remittances Slump In 2009
Cash remittances wired home by scores of Armenians working abroad fell by 36 percent to just under $600 million in the first half of this year, adding to the country’s worst economic downturn since the early 1990s.
The sharp drop reported by the Central Bank of Armenia (CBA) on Tuesday is one of the reasons why the Armenian economy contracted by 16.3 percent during this period. It resulted from the ongoing recession in Russia and other countries with large numbers of Armenian migrant workers.
The total amount of cash inflows processed by Armenian commercial banks and wire transfer systems was equivalent to 18.4 percent of first-half Gross Domestic Product (GDP), reflecting their significance the economy. Read more
The sharp drop reported by the Central Bank of Armenia (CBA) on Tuesday is one of the reasons why the Armenian economy contracted by 16.3 percent during this period. It resulted from the ongoing recession in Russia and other countries with large numbers of Armenian migrant workers.
The total amount of cash inflows processed by Armenian commercial banks and wire transfer systems was equivalent to 18.4 percent of first-half Gross Domestic Product (GDP), reflecting their significance the economy. Read more
Philippines: Labor dep’t sees remittances growing to $17 billion this year
THE DEPARTMENT of Labor and Employment (DoLE) believes remittances from overseas Filipino workers (OFWs) this year will manage to grow 3.6% to $17 billion.
This is contrary to expectations by the Bangko Sentral ng Pilipinas (BSP) that these fund flows would remain at the $16.4 billion recorded last year.
Labor Secretary Marianito D. Roque said in a statement yesterday that the remittances of OFWs will be buoyed by increasing deployments this year.
"[The] distinctive global preference for the OFWs continues to complement worldwide efforts to dispel [sic] the lingering effects of the global financial crisis," the statement quoted Mr. Roque as saying.
BSP data show remittance grew 13.7% to $16.4 billion last year, but that these flows rose by a slower 2.8% to $6.98 billion last January-May from the $6.79 billion recorded in the same period last year. Read more
This is contrary to expectations by the Bangko Sentral ng Pilipinas (BSP) that these fund flows would remain at the $16.4 billion recorded last year.
Labor Secretary Marianito D. Roque said in a statement yesterday that the remittances of OFWs will be buoyed by increasing deployments this year.
"[The] distinctive global preference for the OFWs continues to complement worldwide efforts to dispel [sic] the lingering effects of the global financial crisis," the statement quoted Mr. Roque as saying.
BSP data show remittance grew 13.7% to $16.4 billion last year, but that these flows rose by a slower 2.8% to $6.98 billion last January-May from the $6.79 billion recorded in the same period last year. Read more
Kenya: Diaspora remittances drop as job losses rise
By Morris Aron
Remittances from the Diaspora fell to the lowest level since January raising the uncertainty bar over the direction the flow is likely to take in the coming months after the US and UK reported massive layoffs last month.
Remittances fell to just over $46,347 (Sh3.6 billion) in June since peaking at $55, 361 (Sh4.3 billion) in March.
Analysts say that if the trend is sustained in the medium to long term, sectors of the economy that rely on remittances — such as real estate, construction — and households are likely to be negatively affected. Read more
Remittances from the Diaspora fell to the lowest level since January raising the uncertainty bar over the direction the flow is likely to take in the coming months after the US and UK reported massive layoffs last month.
Remittances fell to just over $46,347 (Sh3.6 billion) in June since peaking at $55, 361 (Sh4.3 billion) in March.
Analysts say that if the trend is sustained in the medium to long term, sectors of the economy that rely on remittances — such as real estate, construction — and households are likely to be negatively affected. Read more
FIJI: Remittances saved Fiji from earlier devaluation
Fiji would have recorded devaluation 3 to 4 years ago if there were no impact of remittance income says Academic Doctor Wadan Narsey.
"We would have to devalue probably 4 years ago, 3 years ago had it not been the impact of remittance income which have been the order of 3 - $400m recorded losses and probably keeping in mind what has been unrecorded its probably of the order of around $600m," said Dr Narsey. Read more
"We would have to devalue probably 4 years ago, 3 years ago had it not been the impact of remittance income which have been the order of 3 - $400m recorded losses and probably keeping in mind what has been unrecorded its probably of the order of around $600m," said Dr Narsey. Read more
Remittances to developing countries What goes up
Remittances rose in 2008. This year will be different
THINGS that grew rapidly in 2008 included home foreclosures, government deficits and the ranks of the jobless. More encouragingly, remittances to developing countries also expanded. The World Bank reckons that migrant workers sent $328 billion home to their families last year, 15% more than in 2007.
This continued growth is particularly striking because it came in a year when other private financial flows into the developing world declined dramatically. The net inflows of private capital to these economies dropped by nearly two-fifths, from $1.16 trillion in 2007 to $707 billion, as panicky rich-world investors turned inward and foreign banks became increasingly reluctant to lend across borders. Dilip Ratha of the World Bank wryly remarks that migrants are being “thrust into the role of a sort of lender of last resort.” Read more
THINGS that grew rapidly in 2008 included home foreclosures, government deficits and the ranks of the jobless. More encouragingly, remittances to developing countries also expanded. The World Bank reckons that migrant workers sent $328 billion home to their families last year, 15% more than in 2007.
This continued growth is particularly striking because it came in a year when other private financial flows into the developing world declined dramatically. The net inflows of private capital to these economies dropped by nearly two-fifths, from $1.16 trillion in 2007 to $707 billion, as panicky rich-world investors turned inward and foreign banks became increasingly reluctant to lend across borders. Dilip Ratha of the World Bank wryly remarks that migrants are being “thrust into the role of a sort of lender of last resort.” Read more
New mechanism to monitor expatriate remittance to Yemen
SANAA, July 31 (Saba) – The Yemen Central Bank will start in August introducing a new mechanism to monitor remittance by Yemeni expatriates, a move which aims to provide a more realistic picture of the amount of remittances by Yemeni nationals abroad into their homeland.
The new mechanism would be established in cooperation with the International Monetary Fund and will focus on estimating in-kind-remittances of Yemeni expatriates, director of the Research Department at the bank Hussein al-Kaheli said.
Money remittances would be checked by banks and exchange companies working in the country through filling in special forms.
In the meantime, remittance by the Yemeni expatriates may fall this year due to the global economic crisis. Read more
The new mechanism would be established in cooperation with the International Monetary Fund and will focus on estimating in-kind-remittances of Yemeni expatriates, director of the Research Department at the bank Hussein al-Kaheli said.
Money remittances would be checked by banks and exchange companies working in the country through filling in special forms.
In the meantime, remittance by the Yemeni expatriates may fall this year due to the global economic crisis. Read more
Thursday, 4 June 2009
Help the poor help themselves
The west must do more to make it easier for migrants to send money back to the families they have left behind
By Pär Stenbäck
One early result of today's global recession is that many donor governments are trimming their foreign aid programs. Before taking office, the US president, Barack Obama, had promised a doubling of American foreign assistance, from $25bn to $50bn (£15.5bn to £31bn), but since then the vice-president, Joe Biden, has warned that this commitment will probably be achieved more slowly because of the downturn.
Here in Finland, our aid decreased by 62% in the early 1990's, a period that Finns still call "the depression". Japan's overseas aid declined by 44% when that country hit hard times. The current worldwide slump could bring a cut in official development assistance (ODA) of 30%. Read more here
By Pär Stenbäck
One early result of today's global recession is that many donor governments are trimming their foreign aid programs. Before taking office, the US president, Barack Obama, had promised a doubling of American foreign assistance, from $25bn to $50bn (£15.5bn to £31bn), but since then the vice-president, Joe Biden, has warned that this commitment will probably be achieved more slowly because of the downturn.
Here in Finland, our aid decreased by 62% in the early 1990's, a period that Finns still call "the depression". Japan's overseas aid declined by 44% when that country hit hard times. The current worldwide slump could bring a cut in official development assistance (ODA) of 30%. Read more here
Remittances to Latin America, Caribbean will decline by US$4B
Guyana’s Ambassador to Venezuela Odeen Ishmael says that during this year remittances to Latin American and Caribbean countries from the more developed countries will decline by US$4B from last year’s figure.
A reduction in remittances, he wrote, was already evident in 2008 and Guyana was listed as receiving US$414M as against US$423M the previous year.
According to Ishmael “migrants from Latin America and the Caribbean (LAC) living in the more developed countries will send back to their home countries US$64B in 2009.” The Ambassador pointed out, however, that this total represents more than the sum of foreign direct investment and official development aid combined. Read more here
A reduction in remittances, he wrote, was already evident in 2008 and Guyana was listed as receiving US$414M as against US$423M the previous year.
According to Ishmael “migrants from Latin America and the Caribbean (LAC) living in the more developed countries will send back to their home countries US$64B in 2009.” The Ambassador pointed out, however, that this total represents more than the sum of foreign direct investment and official development aid combined. Read more here
In Colombia, U.S. Downturn Decreases Remittances
PEREIRA, Colombia -- For the past three years, Felipe Ruiz has made his living as a landscape gardener in Connecticut. Recently, though, he was laid off, prompting his return to his hometown of Pereira, in the heart of Colombia's coffee-growing region.
"I didn't expect to return home so soon," said the 32-year-old Ruiz. "It was the last resort. My savings had dried up."
Every month, Ruiz had typically sent home $400 from his wages. Over the years, the money had been a key source of income for the family of five, who relied on the remittances to make ends meet and to pay for groceries and rent.
Ruiz's story is a typical one in Latin America, where remittances -- of which 75 percent come from emigrants working in the U.S. -- maintain millions of families above the poverty line. Last year, Latin American and Caribbean emigrants sent $69 billion back to their homelands.
But according to a recent study published by the Inter-American Dialogue, a think tank based in Washington, after almost a decade of growth, the amount of money sent home by Latin American and Caribbean emigrants is set to fall by up to 7 per cent this year -- due to job losses, lower earnings, decreased migration and continued deportations. Read more here
"I didn't expect to return home so soon," said the 32-year-old Ruiz. "It was the last resort. My savings had dried up."
Every month, Ruiz had typically sent home $400 from his wages. Over the years, the money had been a key source of income for the family of five, who relied on the remittances to make ends meet and to pay for groceries and rent.
Ruiz's story is a typical one in Latin America, where remittances -- of which 75 percent come from emigrants working in the U.S. -- maintain millions of families above the poverty line. Last year, Latin American and Caribbean emigrants sent $69 billion back to their homelands.
But according to a recent study published by the Inter-American Dialogue, a think tank based in Washington, after almost a decade of growth, the amount of money sent home by Latin American and Caribbean emigrants is set to fall by up to 7 per cent this year -- due to job losses, lower earnings, decreased migration and continued deportations. Read more here
Remittances to Mexico down sharply
In another blow to Mexico's economy, the central bank reports the largest monthly decline yet in the amount of money Mexicans working abroad send home. Remittances for April are down 18.6%.
By Tracy Wilkinson
June 2, 2009
Reporting from Mexico City -- Mexico's reeling economy received another jolt of bad news Monday with reports of the largest monthly decline yet in the amount of money Mexicans working abroad send home.
Remittances for the month of April totaled about $1.7 billion, 18.6% less than the $2.1 billion recorded in April 2008, Mexico's central bank said. Read more
By Tracy Wilkinson
June 2, 2009
Reporting from Mexico City -- Mexico's reeling economy received another jolt of bad news Monday with reports of the largest monthly decline yet in the amount of money Mexicans working abroad send home.
Remittances for the month of April totaled about $1.7 billion, 18.6% less than the $2.1 billion recorded in April 2008, Mexico's central bank said. Read more
Remittances from UAE second highest in GCC
Dubai: More than $10 billion (Dh36.7 billion) is transferred annually by expatriate workers in the UAE to home markets, the second highest remittance funds of the Gulf Cooperation Council (GCC) states.
Remittances refer to a transfer of funds, usually in the context of expatriates sending money back to their home countries through an exchange, or bank transfer. The global remittance industry was estimated at $283 billion in 2008 by the World Bank, of which the GCC is an integral component.
The importance of the GCC in the global remittance industry has contributed to the decision by Money Transfer International (MTI), the global trade association, to launch MTI Middle East this year. Read more
Remittances refer to a transfer of funds, usually in the context of expatriates sending money back to their home countries through an exchange, or bank transfer. The global remittance industry was estimated at $283 billion in 2008 by the World Bank, of which the GCC is an integral component.
The importance of the GCC in the global remittance industry has contributed to the decision by Money Transfer International (MTI), the global trade association, to launch MTI Middle East this year. Read more
Economic slowdown unlikely to affect remittances to India
MUMBAI: The slowdown in economy is unlikely to affect remittances to India, a top banking official said.
"The global economic slowdown has limited impact on remittances to India, which is estimated at three per cent of India's GDP," Washington-based Global Financial Integrity (GFI), Lead Economist, Dev Kumar Kar said here.
Speaking on 'Impact of Financial Crisis on Global Business,' Kar said, "India has a highly resilient economy and the global slowdown will have limited impact on India's growth prospect. The economy is forecast to grow at 6.7 per cent in FY 09 and around 6 per cent in FY 10."
Read more
"The global economic slowdown has limited impact on remittances to India, which is estimated at three per cent of India's GDP," Washington-based Global Financial Integrity (GFI), Lead Economist, Dev Kumar Kar said here.
Speaking on 'Impact of Financial Crisis on Global Business,' Kar said, "India has a highly resilient economy and the global slowdown will have limited impact on India's growth prospect. The economy is forecast to grow at 6.7 per cent in FY 09 and around 6 per cent in FY 10."
Read more
BANGLADESH:Remittance Inflow Records Over 22 Percent Growth
Siddique Islam - AHN Correspondent
Dhaka, Bangladesh (AHN) - Bangladeshi expatriates sent home a record $8.764 billion in the first 11 months of this fiscal period, marking a 22.39 percent growth over the same period of the last fiscal.
"We expect that the flow of inward remittance may cross $9.50 billion by the end of fiscal 2008-09," Economic Adviser of the Bangladesh Bank (BB), the country's central bank, Habibullah Bahar told AHN in the capital, Dhaka on Wednesday.
The economy adviser also said the flow of remittances is still at a satisfactory level despite the ongoing global economic meltdown.
The country received $8.764 billion during the July-April period of 2008-09 fiscal against $7.161 billion of the corresponding period of the previous fiscal, according to the central bank statistics, released on Wednesday.
Read more
Dhaka, Bangladesh (AHN) - Bangladeshi expatriates sent home a record $8.764 billion in the first 11 months of this fiscal period, marking a 22.39 percent growth over the same period of the last fiscal.
"We expect that the flow of inward remittance may cross $9.50 billion by the end of fiscal 2008-09," Economic Adviser of the Bangladesh Bank (BB), the country's central bank, Habibullah Bahar told AHN in the capital, Dhaka on Wednesday.
The economy adviser also said the flow of remittances is still at a satisfactory level despite the ongoing global economic meltdown.
The country received $8.764 billion during the July-April period of 2008-09 fiscal against $7.161 billion of the corresponding period of the previous fiscal, according to the central bank statistics, released on Wednesday.
Read more
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