Caribbean banks on money transfers

For some Caribbean Community (Caricom) nations, the value of remittances can hardly be overstated.

For example, Guyana depends on these money transfers from citizens abroad for 23.5 percent of its Gross Domestic Product (GDP), according to the World Bank.

For Haiti, the figure falls to a fifth, and Jamaica, 19.4 percent

Some international agencies have predicted that the money immigrants sent back home to their families in developing nations would likely fall as the international recession bites.

An October report by the Inter-American Development Bank predicted a two percent drop in 2008 for Latin America and the Caribbean, when adjusted for inflation. Read more