PHILIPPINES: The price of working abroad

MANILA, Philippines--I believe there is another kind of calamity that has been causing more havoc upon the lives of millions of Filipinos both here and abroad than the natural calamities that visit the Philippines regularly. It has been going on for four decades starting in the early '70s when our countrymen started to leave their land, their homes, and loved ones for greener pastures overseas.

It has made millions of children virtually orphans as they are left by one or both of their parents for jobs abroad; and spouses virtually widows or widowers. This different kind of calamity has a name: The Filipino diaspora. It has put to naught the biblical fiat that no one should put asunder the marriage of man and woman inasmuch as overseas employment has been relentlessly causing the erosion and break-up of thousands of marriages and families.

Absence, it is said, makes one's heart grow fonder. But more often, insofar as innumerable OFWs are concerned, absence makes their heart grow fonder for fellow OFWs. The same is true of hundreds of spouses left in the home front who, out of sheer loneliness for their absent spouses, become vulnerable to temptations.

Hence marriages, treated by our Civil Code as an “inviolable institution” and by the Catholic Church and other religions as a “sacrament,” have been crumbling continually for decades now and there's no sign of its letting up. Read more

INDIA: Money Order Videsh scheme to be operational in city by end of Feb

The much-awaited scheme of the postal department Money Order Videsh (MOV) is all set to kick off in the city next month.

Offering international cash to cash and cash to account transfers, the scheme promises special remittances for students studying abroad.

On lines of the local money order scheme where cash can be received at one’s doorstep, the MOV offers to facilitate payments to foreign countries and receiving of remittances from foreign countries through the local post office.

The service was launched on October 24 last year and the Chandigarh division will be among the first few to be ready with its operations. Read more

INTERVIEW-Help Haiti: employ its migrant workers-UN official

05 Feb 2010 18:26:42 GMT
Source: Reuters
By Olesya Dmitracova

LONDON, Feb 5 (Reuters) - The United States and the Dominican Republic could help Haiti recover from last month's earthquake by employing Haitian workers to fill seasonal labour gaps, a senior U.N. official said on Friday.

"More than the immediate support...in the form of money and some technical capacity, the big issue really also is finding some longer-term trade and employment solutions," said Salil Shetty, director of the United Nations' Millennium Campaign, which aims to eradicate extreme poverty by 2015.

He cited the example of a New Zealand scheme which makes it easier for employers in some industries to recruit temporary workers from abroad.

"There's no reason why the southeastern part of the U.S. or even the Dominican Republic can't do this sort of system in a structured and legalised way because there is a shortage of labour (there)," he told Reuters in a telephone interview.

Read more

Reverse exodus of migrant workers in Persian Gulf challenges India

KOCHI, INDIA -- When his overnight flight landed, Abdul Wahib walked out of Kochi's palm-fringed airport and hugged his family. After 24 years of working in the United Arab Emirates, he was home. He carried a suitcase and a layoff notice: His well-paid job as a forklift operator at Dubai's once-bustling port was terminated.

Wahib's airplane was filled with Indian laborers, some fired by text messages, dozens owed months of back pay.

"My flight was full of shocked men, sad men. I could think only of my wife and two children back in India," said Wahib, 48, who had saved enough to buy a three-bedroom house in a sleepy hamlet of coconut groves and banana trees in the southern state of Kerala. "I didn't want to disappoint them. India has become a strong nation. But it's migrants' money that has pumped through our banks and villages. I hoped I could find good work at home." Read more

Asia Pacific Islanders Need to Take a Stronger Stance on Immigration Reform

When it comes to the issue of immigration, what quickly comes to American minds? Given that reporters repeatedly write about immigrants crossing the Mexican-U.S. border, the likely response: Hispanics. This focus, unfortunately, has devolved into deleterious scapegoating of immigrants from Central and South America. This is hardly a fair burden for Hispanics to carry, as immigration realities are much more diverse.

Reform will affect millions who emigrated from Europe, Africa, Asia and the Americas, who come with a shared struggle, shared dreams and shared abilities to contribute to this country. Standing side by side, Hispanics are diverse minority groups who will be equally impacted by immigration reform, including Asian and Pacific Islanders (APIs). As chairman of the Congressional Asian Pacific American Caucus, and as a Japanese-American born to migrant workers, I know firsthand the frustration felt by API immigrants. Our stake in the immigration debate is substantial, our concerns unique, the reasons many. Read more

KENYA: Remittances from diasporas

Commentary on Remittances in 2009 Mr. Charles Gitari Koori, Director Research Department

The Central Bank of Kenya conducts a survey on remittances data every month based on information collected from formal channels that include commercial banks and other permitted international remittances service providers in Kenya.

Table 1 summarizes the data on remittances since the survey was initiated in 2004. For 2009 total remittances stood at US$ 609million (equivalent to Kshs 47.1 billion). This was slightly lower than 2008 remittances of US$ 611million (but higher in shilling terms equivalent to Kshs 42.3 billion due to exchange rate movements). Remittances in December 2009 rose by 40% to US$ 56m (Kshs. 4.2 billion) from US$ 40m (Kshs 3.1 billion) in December 2008. Similarly, remittances increased by 16.8 percent in the month of December, 2009 from US$ 48 million in November 2009. Read more

Kenyan Remittances Worth $609 Million In 2009 - Central Bank

NAIROBI, Feb 2

Kenyans abroad sent home $609 million last year, down from a record $611 million in 2008 but higher in local currency terms, the central bank said on Tuesday. Remittances are a significant source of foreign exchange for east Africa's biggest economy, coming after horticulture, tea and tourism. Day-to-day fluctuations in the local currency market are often driven by remittance flows. Read more

For Chinese Koreans, life is hard but still better in South Korea

The migrants are limited to jobs in restaurants, factories, construction fields or as domestic workers, but they are glad to be there. 'There is nothing' in China, one says.

Reporting from Seoul - Yin Shuilian is a fighter.

For more than 11 years, the 45-year-old ethnic Korean tried to leave her hard life in China, where she toiled in fields and in restaurants, and make her way to South Korea.

The move wasn't easy: She was repeatedly denied visas and cheated by unscrupulous brokers.

At last, Yin arrived here in 1998 lugging not only her belongings but also $80,000 in debts to her friends and family. When her husband followed eight months later, the couple faced the challenge of their lives: They worked for six years to repay what they owed and begin a new life in their chosen homeland.

"For us, going to Korea was like going to heaven, a place where money grew on trees," Yin says. "There is nothing [in China]. Here, if you want to work, you can."

Read more

Third Series: E-Consultation Migration and Rural Development

Dear Members,

We are pleased to announce the third series of our e-consultation where we will discuss about the role of migrants and diaspora organisations in rural development.

There are many studies referring to the positive contributions of migrants’ remittances to development. However, many of these policy debates tend to separate remittances from migrants, or better said, they talk about remittances but not the senders of remittances.

Katleen Felix, Diaspora Liaison of Fonkoze Haiti, wrote on her Facebook pages her impression on the recent large gathering of policy makers and international aid agencies in Montreal, Canada to discuss how to respond to the needs of earthquake victims. She said during this meeting, there were about 700 participants but only 10 are Diasporas. The Haitian migrants were only invited for the first part of the conference and during the press conference at the end of the day.

Katleen lamented that policy makers give the impression that diasporas are important but at the international level, diasporas are really not recognised as equal development partners. Haitian diasporas who have the skills, expertise, and knowledge are not (yet) targeted to be involved in the relief and reconstruction process of Haiti.

The World Bank estimates that Haitians abroad send home $1.5 billion to 1.8 billion remittances per year, or higher. That is much more than all the foreign aid that Haiti receives and continues to sustain millions of families in Haiti who are dependent on remittances. Aid from international donors in the aftermath of the earthquake is highlighted by the media. The support provided by Haitian diasporas to the affected rural areas which are not getting any support at all is hardly recognised. An interesting article related to this issue can be viewed at: www.palmbeachpost.com/opinion/columnists/let-haitians-already-in-u-s-help-rebuild-195030.html

In this third series, we would like to hear your experiences or views about diaspora organizations and their existing initiatives. It would be interesting to know some concrete examples of HTA (Hometown Associations)-driven projects or initiatives from different countries, particularly in the rural areas.

We will try answer two key questions, namely:

1) What existing initiatives (best practices) do we know initiated by diaspora organizations which benefit their respective countries/communities of origin?
2) How are the diaspora organisations organized and how they interact with other migrants and local communities of origin?

For more information, kindly read the short background note on theme 3 here below.

We would like to thank those who have contributed to the previous discussion. Please note that contributions related to the first and second themes are still welcome.

We look forward to an animated discussion on this third theme during the next two weeks.

For more information kindly visit: http://consultation-migration-en.blogspot.com/

Best regards,
On behalf of the organizers



Leila Rispens-Noel
Coordinator, E-Consultation
Senior Advisor
International Network of Alternative Financial Institutions
Dakar, Senegal
E-mail: leila.wimler@gmail.com
E-mail: consultation-migration@cta.int
Weblog: http://consultation-migration-en.blogspot.com/
------------------------

Theme 3: Role of migrants and Diaspora groups in rural development The term “diasporas” refers to expatriate groups which, in contrast to “migrants”, applies to expatriate populations abroad and generations born abroad to foreign parents who are or may be citizens of their countries of residence[1]

Sheffer defines diasporas as a “socio-political formation, created as a result of either voluntary or forced migration, whose members regard themselves as of the same ethno-national origin and who permanently reside as minorities in one or several host countries. Members of such entities maintain regular or occasional contacts with what they regard as their homeland and with individuals and groups of the same background residing in other host countries”[2]


A potent benefit of high-skilled migration is the creation of a large, well-educated diaspora, which improves access to capital, information, and contacts for firms in countries of origin. Immigrants play a role in facilitating trade by providing information and helping to enforce contracts and by acting as intermediaries that can match buyers with reliable local suppliers. Some studies emphasize that diasporas can act as “first movers” who catalyze growth opportunities and make connections between markets that otherwise would not exist. Others cite the importance of diasporas in generating possibilities for co-development between firms in the countries of origin and destination, and expanding technical cooperation as seen in the increasing number of hometown associations, diaspora organizations, or philanthropic migrant organizations. However, despite the broad agreement on the importance of diasporas and the many anecdotal comments on how they have assisted development, it is difficult to quantify these benefits[3]

(1) IOM, Engaging Diasporas as Development Partners for Home and Destination Countries: Challenges for Policymakers, IOM Migration Research Series, No. 26, January, 2007
(2) SHEFFER, Gabriel, Ethnic diasporas: A threat to their host? In Weiner, Myron (ed), International Migration and Security. Boulder, CO, Westview Press, 1993.
(3) World Bank, Global Economic Prospects. Economic Implications of Remittances and Migration, 2006,http://go.worldbank.org/0ZRERMGA00



QUESTIONS:

* At the meso level, many communities benefit from development projects initiated and funded by associations of migrants overseas. What existing initiatives (best practices) do we know initiated by diaspora organizations which benefit their respective communities of origin?
* How are the Diaspora groups organized and how do they interact with migrants and local communities in regions?

*******************************

Chers participants,

Nous avons le plaisir de lancer la discussion sur le troisième thème de notre e-consultation, notamment le rôle des migrants et des groupes de diasporas dans le développement rural

Il existe de nombreuses études sur la contribution des transferts de fonds des migrants au développement. Toutefois, beaucoup de ces débats politiques ont tendance à séparer les envois de fonds des migrants, ou pour mieux dire, ils parlent de transferts de fonds mais pas des expéditeurs des ces transferts.

Katleen Felix, du Fonkoze Haïti, a écrit sur ses pages de Facebook ses impressions sur le récent sommet des décideurs et des organisations d'aide internationale à Montréal, au Canada, pour discuter de la façon de répondre aux besoins des victimes du séisme. Parmi les 700 participants, seulement 10 étaient des diasporas. Les migrants haïtiens ont été invités seulement à la première partie de la réunion et à la conférence de presse à la fin de la journée.

Katleen a déploré que le fait qu'au niveau international, les diasporas ne sont pas vraiment reconnus comme des partenaires de développement. Les Diasporas haïtiennes qui ont les compétences, l'expertise et les connaissances ne sont pas (encore) ciblées pour être impliqués dans le processus de secours et de reconstruction d'Haïti.

La Banque mondiale estime que les Haïtiens à l'étranger envoyent de 1,5 milliard à 1,8 milliard de dollars par an en transferts d'argent. C'est beaucoup plus du montant total d'aide étrangère qu'Haïti reçoit et représente une source important de revenus pour des millions de familles en Haïti, tributaires de transferts de fonds. L'aide des donateurs internationaux à la suite du tremblement de terre est mise en évidence par les médias. L'appui fourni par la diaspora haïtienne aux zones rurales touchées par le séisme est à peine reconnu. Un article intéressant sur cette question peut être consultés à l'adresse: www.palmbeachpost.com/opinion/columnists/let-haitians-already-in-u-s-help-rebuild-195030.html

Au cours de cette troisième partie de la consultation, nous souhaitons connaître vos expériences ou avis sur les activités et les initiatives des organisations de diasporas. Il serait intéressant de connaître quelques exemples concrets de projets ou initiatives gérées par les associations des villes natales dans différents pays, en particulier dans les zones rurales.
Nous allons essayer de répondre à deux questions clés, à savoir:

1) Au niveau méso, de nombreuses communautés bénéficient de projets de développement lancés et financés par des associations de migrants à l'étranger. Quelles sont les initiatives existantes (meilleures pratiques) entreprises par des organisations de diasporas dont bénéficient leurs communautés respectives d'origine?
2) Comment les groupes de diasporas sont-ils organisés et comment se relationent-ils avec les migrants et les communautés locales dans les régions?

Pour de plus amples renseignements, veuillez lire la note d'information sur le thème 3 ci-dessous.

Nous tenons à remercier ceux qui ont contribué à la discussion sur les thèmes précédents. Veuillez noter que les contributions portant sur le thème 1 et 2 sont encore les bienvenues.

Au plaisir de lire vos contributions au cours des deux prochaines semaines,



Cordialement,
Au nom des organisateurs


Leila Rispens-Noël
Coordinatrice, e-consultation
Senior Advisor
International Network of Alternative Financial Institutions
Dakar, Senegal
E-mail: leila.wimler@gmail.com
E-mail: consultation-migration@cta.int
WEBLOG: http://consultation-migration-en.blogspot.com/

HAITI: WOCCU Project Partners Reopen Remittance Lines into Haiti

The Jan. 12 Haiti earthquake and damage to financial services infrastructures has created a liquidity crunch in the country, said Saul Wolf, remittance manager for IRnet, part of World Council of Credit Unions' for-profit subsidiary, WOCCU Services Group.

That includes remittance income, which accounts for nearly one-quarter of Haiti’s gross domestic product, WOCCU said in the release.

"Remittance programs require an IT infrastructure, and any that were located in Port-au-Prince were probably destroyed,” he said.

Remittance delivery organizations such as Fonkoze, a WOCCU partner in the Haiti project, have found ways around the problem, most likely using a back-up server located elsewhere and relying on intermittent Internet access, Wolf said. Read more

HAITI: Let Them Leave

Long before the calamity in Haiti, many Haitians and their families benefited from working abroad, and many, including me, have suggested allowing more Haitian immigrants into the United States as a way to help the country's economy recover.

It might seem strange that the best solution to Haiti's woes lies outside its borders, but migration and remittances have been responsible for almost all of the poverty reduction that has happened in the island country over the past few decades. They have done enormously more good than any policy intended to reduce poverty inside Haiti during that time. Any poverty-reduction strategy for Haiti going forward that does not include what has been Haitians' most successful poverty-reduction strategy to date is not a serious one.

This idea is a no-brainer if we take a minute to look at the numbers. Read more

Mexico Sees Record Drop in Remittances

(AP) Money sent home by Mexicans abroad plunged a record 15.7 percent in 2009 as migrants worldwide struggled to find work during the global economic slowdown, the central bank reported Wednesday.

Remittances - Mexico's No. 2 source of foreign income after oil exports - totaled $21.2 billion in 2009, compared with $25.1 billion in 2008, the bank said.

Since the bank began tracking remittances in 1996, it has recorded just one other annual decline - a 3.6 percent decrease in 2008, as the world financial crisis exploded. Read more

Wells Fargo Adds ExpressSend® Remittance Paying Agent in Mexico and Expands to 8 Additional Latin American Countries

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC) has more than doubled the number of countries that can receive Wells Fargo ExpressSend remittance transactions – expanding to Honduras, Nicaragua, Dominican Republic, Colombia, Ecuador, Peru, Bolivia, and Argentina. Additionally, Wells Fargo has added Telecomunicaciones de Mexico (Telecomm Telegrafos) – one of the largest telecommunications companies in Mexico – as a new paying agent. Customers can now remit to an additional 1,560 new payout locations in Mexico, bringing the total payout locations in Mexico to more than 5,500 locations.

“Mexico is one of the largest remittance corridors and a key driver for our remittance business”

“The expansion of our consumer remittance network in Latin America reflects on our long-standing commitment to satisfying all of our customers financial services needs,” said Daniel Ayala, executive vice president and head of Wells Fargo's Global Remittance Services. “Our Hispanic customer base is made of immigrants from a number of Latin American countries. Wells Fargo wants to be the bank of choice for this increasingly important high growth consumer segment.” Read more

PHILIPPINES: OFWs’ financial future

While it is well known that the reason the Philippines escaped a recession is due in part to the huge remittances from the country’s overseas Filipino workers, there is a lingering fear that these OFWs, save for those with financial savvy or with the benefit of financial education, face an uncertain future when they reach retirement age.

Many of our OFWs, it must be noted, do not have access to a financial-literacy program that should come from the government or any advocacy group. Without that, the OFWs are bound to continue with their wasteful spending ways that do not take into consideration their future well-being.

Stories abound about OFW families facing bleak prospects once their principal end the workers’ stint abroad. Having failed to save for their future because of their wasteful ways, these OFW families become mendicants in their own neighborhood. And with nary an income, they are reduced to dwelling on “what ifs.” Which is a pity considering that they once were branded as modern-day heroes and saviors of the economy. What kind of life awaits them when they have not learned the rudiments of saving for their future, or simply of saving part of their income? This is a challenge the administration should seriously consider—to show its gratitude, to say the least, to those who saved the country from economic ruin. Read more

PHILIPPINES: Globe’s GCASH biggest remit network

Globe Telecom Inc.’s electronic wallet, GCash, has hauled in 1.2 million users to date, with an average transaction value of P5 billion a month in over 18,000 outlets all over the archipelago, making it the largest remittance network in the Philippines, claimed President and CEO Ernest L. Cu.

Expanding the GCASH network is a key strategy to the success of the business, he noted. Recently, the Bangko Sentral ng Pilipinas approved G-Xchange, Inc.’s request to use Globe Telecom’s Sub Distributors as GCash Outlets. With more outlets, Globe can lower the delivery cost of remittances, on top of providing easier access to financial services.

Distribution has always been a challenge in the geographically fragmented archipelago and 70-80 percent of the over 90 million population remaining unbanked or underbanked.
Read more

MEXICO: UPDATE 2-Mexico migrant remittances fall in Nov

Fri, Jan 2 2009, 18:54 GMT
http://www.afxnews.com

MEXICO CITY, Jan 2 (Reuters) - Mexicans living abroad sent less money home in November compared with the same month a year ago, the central bank said on Friday.

Remittances, one of Mexico's biggest sources of foreign currency, fell 10.68 percent in November to $1.607 billion, the bank said.

Migrant cash flows, which are a lifeline for millions of poor Mexican families, are expected to weaken more in the coming months as the U.S. economic slowdown hits Mexican workers living there.

A weakening in the U.S. construction and manufacturing sectors is weighing particularly heavily on migrants, whose jobless rate jumped higher than that of the general U.S. population during 2008. Read more

PHILIPPINES: Globe to set up huge remittance network

GLOBE TELECOM INC. has secured regulatory approval to build the biggest remittance network in the country, using the company’s 18,000 prepaid loading stations, such as convenience stores and food establishments, throughout the country.

Globe yesterday said in a statement that the Bangko Sentral ng Pilipinas’ Monetary Board recently approved the request of Globe subsidiary G-Xchange Inc. (GXI), to use the telco’s subdistributors as GCash outlets.

“Our distribution system is one of our most valuable assets and combined with our current GCash network of partners will help us significantly expand our efforts to provide a vehicle for financial inclusion to more Filipinos all over the country,” said Ernesto Cu, president and CEO of the telecommunications unit of Ayala Corp.

Read more

Global Financial Crisis Affects Remittances to Africa

Africans in the Diaspora send less money to families at home

The global economic downturn is hurting Africans in the Diaspora. It’s harder for them to send money home, and that leads to problems for those who depend on the funds.

Remittances to developing countries are expected to fall from $305 billion in 2008 to $208 billion for 2009, according to the World Bank. The severity of the problem is seen in the fact that in many developing countries, remittances are reported to bring in even more money than direct aid.

Millions of Africans depend on their relatives in the Diaspora to send them funds for their daily livelihood, including food and other essential commodities. Read more

Migrant Remittances to Bulgaria Hit by Global Downturn

There has been a dramatic decline in the amount of remittances from Bulgarians working abroad over the last four years due primarily to the start of the global downturn, according to a new report.

Remittances from Bulgarians working abroad totaled BGN 2,011 M in the first eleven months of last year, show data of the Bulgarian Central Bank and the Institute for Market Economy.

The estimate is considerably less than figures released for the previous year, according to which the total sum of money that flowed into the country from migrant workers reached BGN 2, 850 M or about 4,3 % of GDP.

The inflow of remittances in 2007 totaled BGN 2, 470, data shows.

Experts say the decline in the the cash brought back to Bulgaria will have a negative impact on the Bulgarian economy and shrink people's spending.

Remittances from migrant workers are a lifeline to large sections of the Bulgarian economy, particularly the retail trade and the housing market.

According to the World Bank, Bulgaria has one of the highest proportions of its population working abroad of any country in the world.

In 2009 approximately 1,5 million Bulgarians were based abroad, equal to 15% of the population. Source

BANGLADESH: 2009 remittance sets new benchmark

Remittance crossed $10 billion mark for the first time in Bangladesh history in the year 2009 because migrants, a main driver of the country's economic progress, sent more money home despite all odds during global recession.

With 20 percent growth, remittance inflow reached $10.72 billion last year, although the year marked a fall in manpower exports. In 2008, the remittance was $8.97 billion.

The overseas employment ministry data shows that the number of migrant workers declined 46 percent to 475,278 persons in January-December of 2009. In 2008, the number was 875,055. Read more

POLAND: Poles are not trying to escape UK

Contrary to some suggestions, Poles are not escaping Britain – we are trying to survive here. Since 2004, more than 2 million Poles – mostly young – have gone abroad in search of work. They left mainly because of the following factors: demographic (the 1980 "baby boom" generation), economic (discrepancies in salaries in Poland) and political (the opportunity to work legally thanks to Poland's entry into the EU).

It is very difficult to estimate how many of those two million migrated to Britain, and it is even harder to estimate the number who have returned. Different countries adopt different definitions of a "returning migrant". Sometimes people tell researchers they are thinking of returning, but in reality they try to postpone the final decision for as long as possible. Sometimes they return home and, after not being able to find a job, return to the country where they originally emigrated. Sometimes they try to move to a third country. Read more

FIJI: New source sought

Fiji is now looking at remittances from countries such as Abu Dhabi and Djibouti in the United Arab Emirates now traditional venues such as Australia and New Zealand are tightening their foreign employment policies after the global recession.

Economist Dr Mahendra Reddy said it was only common for people to be looking employment in countries that had not been affected by the global economic downturn.

"When it comes to remittance, Australia and New Zealand have been traditional grounds for Fiji and we have always looked close at home. But with money offered in these other countries the trend has shifted," he said.

The Fiji National University professor said people seeking employment in those countries had to make sure they got a proper deal. Agencies have confirmed that jobs for drivers, security personnel, engineers, nurses, teachers and other trades workers were in demand. Even former Meridian Services man, Timoci Lolohea has been recruiting people for the UAE. Read more

EXIM Bank opens second exchange house in Canada

Export Import Bank of Bangladesh Limited opened its own exchange house 'Exim Exchange Company (Canada) Ltd' at Toronto, Canada Saturday.

This exchange house, registered with Canadian regulator FINTRAC, is a compliant official money transfer channel to serve Bangladeshi expatriates working and living in Canada.

The Chairman of the bank Mr. Md. Nazrul Islam Mazumder inaugurated the exchange house at Danforth Road in Toronto. Yakub Ali, Bangladesh high commissioner in Canada was present as special guest on the occasion.

"EXIM ventures to explore this new and potential arena of remittance as a first Bangladeshi private bank. Following the launching of its second exchange house, our bank cherishes the vision of being a major force in the country's remittance influx eyeing upon countries with a large number of Bangladeshi expatriates," Managing Director of EXIMBank Kazi Masihur Rahman told FE. Read more

HAITI: Sending money home to Haiti from the U.S. proves difficult

y Peter Whoriskey
Saturday, January 23, 2010; 8:42 AM

MIAMI -- Even in normal times, the dingy money transfer storefronts in this city's Little Haiti provide a critical lifeline for the island nation. Here, and in other immigrant hubs in the United States, money passed to tellers behind plastic glass and then relayed back home is part of a flow that amounts to as much as a quarter of Haiti's economy.

But since the Jan. 12 earthquake, just as Haitians in the United States and elsewhere rallied to send money back home, the critical economic conduit stopped working, and is still far from restored. Read more

MoneyGram makes big move in China

MoneyGram International will partner with the Bank of China, a leading Chinese domestic bank to open in 10,000 Bank of China mainland branches through 2011, according to an agreement announced this week.

The agreement more than triples St. Louis Park-based MoneyGram’s presence in the Chinese market and follows a successful six-month pilot in 240 Bank of China branch locations in Beijing.

The expansion started in January and will focus at first in provinces on the southern and eastern coast. The new alliance will create additional opportunities for MoneyGram in several other countries in the Asia Pacific region.

The bank started serving the Chinese market in 1994 through several smaller agents, but this partnership marks a major initiative in a market that generates $25 billion in annual remittances.

MoneyGram also announced a recent expansion in Hungary through its partnership with agent Corner Cash Keszpenz Zrt, which operates currency exchange shops in 11 cities. Corner Cash plans to expand into more cities soon.

MoneyGram is returning to the Hungarian market, with about $4.5 billion in remittances, after a seven-year absence. Source