For Immediate ReleaseJune 8, 2007Contact: Colleen Coffey202-266-1910ccoffey@migrationpolicy.org
As the World's Top Recipient of Migrant Remittances,India May Need New Strategies to Harness this Success
WASHINGTON -- India receives close to 10 percent of global remittances, yet the potential of these remittances remains largely untapped by the Indian government. In a new Policy Brief, MPI analyst Muzaffar Chishti examines the surge in remittances to India and possible policy strategies to capitalize on these inflows of money from Indians abroad.
Remittances to India have skyrocketed in the past 10 years, jumping from $2.1 billion in FY1990-1991 to $24.1 billion in FY2005-2006. Mr. Chishti examines the factors behind this increase, including extensive Indian economic reforms, a decrease in the use of informal channels for remittances, shifting migration patterns to higher-skilled jobs, greater competition in the money transfer market, and the strength of the Indian economy.
He finds that although these remittances exceed total government expenditures in health and education and have a noticeable impact on regions of the country with high rates of migration, the Indian government has not instituted any policies specifically aimed at increasing remittance flows. Policies have instead focused on encouraging Non-Resident Indians (NRIs) to deposit money in Indian bank accounts to help shore up India’s foreign exchange reserves.
Policymakers are also taking note that Indian migrants have recently shifted from being “savers” to “investors.” The most significant factor in the surge in remittances and investments may ultimately be how NRIs perceive the Indian economy. In fact, the World Bank’s annual report released last week found that India’s GDP increased by 9.2 percent in 2006. In an effort to encourage NRI investments, the Ministry of Overseas Indian Affairs just launched an Overseas Indian Facilitation Center to act as a “one-stop shop” for information on investment opportunities in India and as a network for Indians abroad.
“The Indian government has had a great deal of success in encouraging Non-Resident Indians to deposit money in bank accounts in India and to buy Indian bonds specifically launched for NRIs,” said Mr. Chishti. “However, the challenge is to effectively channel the impressive remittances flows for the socioeconomic development of the country.”
"The Phenomenal Rise in Remittances to India: A Closer Look" is online at: http://contact.migrationpolicy.org/site/R?i=y7gpAiILu3Me-EPEPV7fHA...
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The Migration Policy Institute is an independent, nonpartisan think tank dedicated to analysis of the movement of people worldwide.
Saturday, 9 June 2007
Remittances during crises: implications for humanitarian response
01 Jun 2007 10:21:39 GMT01 Jun 2007 10:21:39 GMT ## for search indexer, do not remove-->
Source: Humanitarian Policy Group (HPG) - UK
Reuters and AlertNet are not responsible for the content of this article or for any external internet sites. The views expressed are the author's alone.
Remittances – migrants sending money home – are an important part of many people's lives around the world. In disasters, they can play a particularly important part in how people survive and recover because they represent a relatively stable form of income, usually increase in times of crisis and directly contribute to household income. However, humanitarian actors often fail to consider remittances in assessments and response design – a neglect that reflects a broader tendency to undervalue the capacities of crisis-affected populations. [Read more]
Source: Humanitarian Policy Group (HPG) - UK
Reuters and AlertNet are not responsible for the content of this article or for any external internet sites. The views expressed are the author's alone.
Remittances – migrants sending money home – are an important part of many people's lives around the world. In disasters, they can play a particularly important part in how people survive and recover because they represent a relatively stable form of income, usually increase in times of crisis and directly contribute to household income. However, humanitarian actors often fail to consider remittances in assessments and response design – a neglect that reflects a broader tendency to undervalue the capacities of crisis-affected populations. [Read more]
Friday, 8 June 2007
BANGLADESH: Remittance set to cross $ 6b this fiscal year
Star Business ReportWith a continuous growth in remittance in the last four months, the country's remittance inflow is set to cross US$ 6 billion this fiscal year.
The non-resident Bangladeshis (NRBs) already sent $ 5.46 billion during the July-May period of this fiscal year (2006-07) compared to $ 4.37 billion during the same period of the previous fiscal year, recording around 25 percent growth.
Such a rise in the remittance also helped the country's foreign exchange reserve to hit $ 4.48 billion yesterday.
The remittance inflow reached $ 561.92 million in May, $ 545.93 million in April, $ 537.29 in March and $ 500.32 million in February of this fiscal year.
Bankers said the government's recent measures against 'hundi', an illegal way of money transfer, encouraged the Bangladeshi wage earners to send money home through legal channels. [Read more]
The non-resident Bangladeshis (NRBs) already sent $ 5.46 billion during the July-May period of this fiscal year (2006-07) compared to $ 4.37 billion during the same period of the previous fiscal year, recording around 25 percent growth.
Such a rise in the remittance also helped the country's foreign exchange reserve to hit $ 4.48 billion yesterday.
The remittance inflow reached $ 561.92 million in May, $ 545.93 million in April, $ 537.29 in March and $ 500.32 million in February of this fiscal year.
Bankers said the government's recent measures against 'hundi', an illegal way of money transfer, encouraged the Bangladeshi wage earners to send money home through legal channels. [Read more]
SOUTH AFRICA: Leaving the country for a living
By Moyiga Nduru
JOHANNESBURG - ‘‘We have lost a young woman in South Africa. We have raised R3,500 (500 US dollars) but we need R5,000 (714 dollars). We want to transport the body home to her relatives in Zimbabwe. But it is difficult,'' Joyce Dube, director of the Southern African Women's Institute for Migration Affairs (SAWIMA), told a gathering.
She was speaking at a one-day seminar, titled ‘‘Female Migrants and the Impact of Remittances in the SADC Region'', which brought together some 30 researchers and civil society activists from around the 14-member Southern African Development Community (SADC). The seminar took place yesterday (May 30) in South Africa's commercial hub of Johannesburg. Some participants had difficulty containing their emotions as Dube, who seemed tired, explained the circumstances behind the death of the woman, whose name has been withheld as a sign of respect to her relatives. [Read more]
JOHANNESBURG - ‘‘We have lost a young woman in South Africa. We have raised R3,500 (500 US dollars) but we need R5,000 (714 dollars). We want to transport the body home to her relatives in Zimbabwe. But it is difficult,'' Joyce Dube, director of the Southern African Women's Institute for Migration Affairs (SAWIMA), told a gathering.
She was speaking at a one-day seminar, titled ‘‘Female Migrants and the Impact of Remittances in the SADC Region'', which brought together some 30 researchers and civil society activists from around the 14-member Southern African Development Community (SADC). The seminar took place yesterday (May 30) in South Africa's commercial hub of Johannesburg. Some participants had difficulty containing their emotions as Dube, who seemed tired, explained the circumstances behind the death of the woman, whose name has been withheld as a sign of respect to her relatives. [Read more]
Remittances yield US$ 3bn
6 June 2007 14:01 Source: BIRN BELGRADE -- Remittances have contributed to Serbia’s economy with around US$ 3bn, National Bank Governor Radovan Jelašić said Tuesday. "Remittances [the foreign currency annually sent home by people working abroad] are improving the living standards of our people, they are also a major boost to the development of small and medium [sized] businesses," Jelašić said in a broadcast by the state-run RTS, speaking at the International Conference on Remittances held in Belgrade. According to official estimates, more than 1 million people from Serbia are currently working abroad, mainly in European Union countries. The World Bank official data indicate that remittances worldwide exceeded US$ 230bn in 2005. [Read more]
Thursday, 7 June 2007
Immigration bill survives challenges from Senate
POSTED: 11:25 p.m. EDT, June 6, 2007
WASHINGTON (AP) -- A proposed immigration overhaul narrowly survived strong Senate challenges Wednesday, boosting its backers' hopes that the fiercely debated legislation might soon win passage and advance to the House.
Senators first turned back a Republican bid to reduce the number of illegal immigrants who could gain lawful status. Hours later, they rejected a Democrat's effort to postpone the bill's shift to an emphasis on education and skills among visa applicants as opposed to family connections. [Read more]
WASHINGTON (AP) -- A proposed immigration overhaul narrowly survived strong Senate challenges Wednesday, boosting its backers' hopes that the fiercely debated legislation might soon win passage and advance to the House.
Senators first turned back a Republican bid to reduce the number of illegal immigrants who could gain lawful status. Hours later, they rejected a Democrat's effort to postpone the bill's shift to an emphasis on education and skills among visa applicants as opposed to family connections. [Read more]
GUATEMALA: Young Guatemalans Live on Money From US
By Juan Carlos Llorca
Posted 29 May 2007 @ 02:47 pm EST
Working and going to school have become optional in this highland Guatemalan town, thanks to a flood of U.S. dollars sent home by migrants living in the United States.
The family-run mills that produce brightly colored, hand-woven traditional fabrics have fallen quiet as their potential work force - mostly young men - hang out at the town's pool halls or video game salons, living off remittances and waiting to make their own journeys north."Kids have easy money, and the only thing they know how to do is spend it on video games," complained Salcaja Mayor Miguel Ovalle. "In this town, school attendance has fallen in part because many go to the U.S., and also because those who stay don't want to go to school." [Read more]
Posted 29 May 2007 @ 02:47 pm EST
Working and going to school have become optional in this highland Guatemalan town, thanks to a flood of U.S. dollars sent home by migrants living in the United States.
The family-run mills that produce brightly colored, hand-woven traditional fabrics have fallen quiet as their potential work force - mostly young men - hang out at the town's pool halls or video game salons, living off remittances and waiting to make their own journeys north."Kids have easy money, and the only thing they know how to do is spend it on video games," complained Salcaja Mayor Miguel Ovalle. "In this town, school attendance has fallen in part because many go to the U.S., and also because those who stay don't want to go to school." [Read more]
MALAYSIA: Maxis unveils money remittance service
1st June, 2007
KUALA LUMPUR: Malaysia’s leading telecommunication services provider Maxis Communications Bhd aspires to become a strong service provider for foreign workers in Malaysia by end of this year, its chief executive officer Sandip Das said yesterday.
Speaking at the launching of the world’s first international mobile to mobile money transfer service, he said the new service from Maxis and Philippines’ Globe Telecom, will enable Filipino workers to perform cross-border money transfer from Ringgit to Pesos instantly.
Globe Telecom is Philippines’s second largest telecommunication services provider. [Read more]
KUALA LUMPUR: Malaysia’s leading telecommunication services provider Maxis Communications Bhd aspires to become a strong service provider for foreign workers in Malaysia by end of this year, its chief executive officer Sandip Das said yesterday.
Speaking at the launching of the world’s first international mobile to mobile money transfer service, he said the new service from Maxis and Philippines’ Globe Telecom, will enable Filipino workers to perform cross-border money transfer from Ringgit to Pesos instantly.
Globe Telecom is Philippines’s second largest telecommunication services provider. [Read more]
Let’s make the most of remittances
Labour deputy leadership frontrunner, Jon Cruddas MP, argues that we need to do more to help remitters make the most of the money they send to relatives in the least developed countries in the world.
I was a signatory to an Early Day Motion tabled in the House of Commons last November which supported a courageous campaign being waged by City office cleaners. The cleaners, who earn as little as £5.35p per hour, were demanding better pay and conditions. They are just some of the countless, low paid workers who keep our economy on its feet, increasing numbers of whom are migrants from developing countries.
Contrary to the “benefit scroungers” image painted by the tabloid press, many migrants struggle to make ends meet. They often work long hours, are poorly paid and hold down several jobs at a time. Despite these hardships, migrant workers here from developing countries manage to send money – referred to as “remittances” – to their families in their countries of origin, which it is estimated totaled more than £2.3 billion last year. The main recipients of these remittances are India, Pakistan, the Caribbean, China, Bangladesh, Nigeria and Ghana. [Read more]
I was a signatory to an Early Day Motion tabled in the House of Commons last November which supported a courageous campaign being waged by City office cleaners. The cleaners, who earn as little as £5.35p per hour, were demanding better pay and conditions. They are just some of the countless, low paid workers who keep our economy on its feet, increasing numbers of whom are migrants from developing countries.
Contrary to the “benefit scroungers” image painted by the tabloid press, many migrants struggle to make ends meet. They often work long hours, are poorly paid and hold down several jobs at a time. Despite these hardships, migrant workers here from developing countries manage to send money – referred to as “remittances” – to their families in their countries of origin, which it is estimated totaled more than £2.3 billion last year. The main recipients of these remittances are India, Pakistan, the Caribbean, China, Bangladesh, Nigeria and Ghana. [Read more]
PAKISTAN: Are we squandering home remittances?
By Sultan Ahmad
ARE we squandering the increasing home remittances of overseas Pakistanis which will exceed $5 billion in the financial year ending June 30.This issue has arisen as in the first 10 months of this financial year total remittances of $4.450 billion have been received, while large trade deficits and balance of payments deficits plague the economy. The average monthly remittance stands at $445 million.This issue has also become relevant to the decision to raise foreign exchange reserve of the country to $15 billion. Building that reserve is easy while it is nearly $13.8 billion. In fact this target could have been achieved last June when the reserve stood at $14.59 billion, but it declined due rising trade and current deficits.Now when a reserve of $15 billion is being sought, the deficit in balance of trade for the first 10 months of the year is $11 billion, while the current account deficit for the first nine months is $4 billion after absorbing home remittances and the foreign investment of $6 billion. [Read more]
ARE we squandering the increasing home remittances of overseas Pakistanis which will exceed $5 billion in the financial year ending June 30.This issue has arisen as in the first 10 months of this financial year total remittances of $4.450 billion have been received, while large trade deficits and balance of payments deficits plague the economy. The average monthly remittance stands at $445 million.This issue has also become relevant to the decision to raise foreign exchange reserve of the country to $15 billion. Building that reserve is easy while it is nearly $13.8 billion. In fact this target could have been achieved last June when the reserve stood at $14.59 billion, but it declined due rising trade and current deficits.Now when a reserve of $15 billion is being sought, the deficit in balance of trade for the first 10 months of the year is $11 billion, while the current account deficit for the first nine months is $4 billion after absorbing home remittances and the foreign investment of $6 billion. [Read more]
Saudi Arabia: Kingdom Second in Remittances
Saturday, 02 June 2007
Saudi Gazette
Saudi Arabia will maintain its position as the second most prolific source of expatriate remittances in the world after the US in 2007, economists said last week. The Arabic press reported that economists expect remittance figures to rise by SR0.5 billion from last year, reaching SR54.375 billion. Economists attributed the rise in remittances by expatriate workers to the increase in government- and private-sector projects, the launching of several economic cities and the flexibility of the Ministry of Labor in allowing an increase in the number of worker visas.
Remittances from the Kingdom to other countries rose by SR750 million in 2006 compared to the year before, with the total figure reaching SR52.5 billion in 2006. [Read more]
Saudi Gazette
Saudi Arabia will maintain its position as the second most prolific source of expatriate remittances in the world after the US in 2007, economists said last week. The Arabic press reported that economists expect remittance figures to rise by SR0.5 billion from last year, reaching SR54.375 billion. Economists attributed the rise in remittances by expatriate workers to the increase in government- and private-sector projects, the launching of several economic cities and the flexibility of the Ministry of Labor in allowing an increase in the number of worker visas.
Remittances from the Kingdom to other countries rose by SR750 million in 2006 compared to the year before, with the total figure reaching SR52.5 billion in 2006. [Read more]
Philippines: Remittance cost going down, says central bank
nquirerLast updated 05:06am (Mla time) 06/07/2007
MANILA, Philippines -- The cost of sending foreign exchange through banks has gone down with the adoption of advanced technology, the central bank, Bangko Sentral ng Pilipinas (BSP) said in a primer on matters concerning overseas Filipino workers.
The BSP noted a substantial reduction in the cost of transferring money to the Philippines from the United States, the United Kingdom, Hong Kong and Singapore.
“Remittance companies heeded the call of the BSP to make the delivery of remittances faster, safer and more efficient. Remittance channels have improved because of the adoption of advanced systems and new technologies,” it said. [Read more]
MANILA, Philippines -- The cost of sending foreign exchange through banks has gone down with the adoption of advanced technology, the central bank, Bangko Sentral ng Pilipinas (BSP) said in a primer on matters concerning overseas Filipino workers.
The BSP noted a substantial reduction in the cost of transferring money to the Philippines from the United States, the United Kingdom, Hong Kong and Singapore.
“Remittance companies heeded the call of the BSP to make the delivery of remittances faster, safer and more efficient. Remittance channels have improved because of the adoption of advanced systems and new technologies,” it said. [Read more]
Bangladeshi expatriates to be allowed to vote; even those with dual citizenship
Ofiul Hasnat Ruhin
The Election Commission has initiated a move to include the Bangladeshi expatriates in the electoral roll to give them the opportunity of voting for their chosen candidates from abroad. The EC has already reviewed the concerned laws and decided make some changes in the Representation of the People Order 1972 in this regard, said a commissioner on Wednesday. ‘The EC has decided to allow the Bangladeshi expatriates to exercise their right of franchise, and I hope that they will be eligible to vote in the upcoming polls,’ Election Commissioner Muhammed Sohul Hussain told reporters at his office. He said that the two types of expatriates — who are staying abroad temporarily and who have dual citizenship — would be entitled to be voters, but the people who have become citizens of other countries after surrendering Bangladeshi citizenship would not be included in the list.
‘The EC has decided to enrol them through the Bangladeshi missions and the eligible expatriates will be enlisted with their local permanent addresses in the list,’ said Sohul, adding that the EC would set up special cells in the foreign missions where the enrolment forms would be available. The commissioner said that the expatriates would vote either through the Bangladeshi missions or by post, since the option for online voting would not be allowed this time. He, however, said that the expatriates should stop political activities abroad if they want to be registered as voters. ‘We decided to set the precondition of expatriates stopping politics abroad before getting registration as voters,’ he said, adding that the political activities of the expatriates have tarnished the image of the country abroad. He said that they would be allowed to form associations but any unit of the country’s political parties should not be set up abroad.
‘The political activities of the rival parties have created division and enmity among the expatriates,’ said the commissioner. He told reporters that even the foreigners who have met the EC on various occasions recommended that the political activities by Bangladeshi expatriates should be stopped. He said that about 80 lakh expatriates are working in the Middle East and United Kingdom whose involvement in political activities might have a negative impact on manpower export. An eight-member delegation of expatriates from the Middle East met Chief Election Commissioner ATM Shamshul Huda on Wednesday afternoon and expressed their desire to be enlisted as voters.
‘The EC assured us that the expatriates would be included in the voters’ list,’ the delegation’s leader, Khairul Anam Yakub, told reporters after the meeting. He, however, protested against the EC’s move to ban expatriates’ political activities abroad and hoped that it would not take such an ‘unwise’ decision. ‘Everybody has the right to be involved in politics. Moreover the foreign units of different parties have aided helpless Bangladeshi expatriates abroad,’ he said.
The Election Commission has initiated a move to include the Bangladeshi expatriates in the electoral roll to give them the opportunity of voting for their chosen candidates from abroad. The EC has already reviewed the concerned laws and decided make some changes in the Representation of the People Order 1972 in this regard, said a commissioner on Wednesday. ‘The EC has decided to allow the Bangladeshi expatriates to exercise their right of franchise, and I hope that they will be eligible to vote in the upcoming polls,’ Election Commissioner Muhammed Sohul Hussain told reporters at his office. He said that the two types of expatriates — who are staying abroad temporarily and who have dual citizenship — would be entitled to be voters, but the people who have become citizens of other countries after surrendering Bangladeshi citizenship would not be included in the list.
‘The EC has decided to enrol them through the Bangladeshi missions and the eligible expatriates will be enlisted with their local permanent addresses in the list,’ said Sohul, adding that the EC would set up special cells in the foreign missions where the enrolment forms would be available. The commissioner said that the expatriates would vote either through the Bangladeshi missions or by post, since the option for online voting would not be allowed this time. He, however, said that the expatriates should stop political activities abroad if they want to be registered as voters. ‘We decided to set the precondition of expatriates stopping politics abroad before getting registration as voters,’ he said, adding that the political activities of the expatriates have tarnished the image of the country abroad. He said that they would be allowed to form associations but any unit of the country’s political parties should not be set up abroad.
‘The political activities of the rival parties have created division and enmity among the expatriates,’ said the commissioner. He told reporters that even the foreigners who have met the EC on various occasions recommended that the political activities by Bangladeshi expatriates should be stopped. He said that about 80 lakh expatriates are working in the Middle East and United Kingdom whose involvement in political activities might have a negative impact on manpower export. An eight-member delegation of expatriates from the Middle East met Chief Election Commissioner ATM Shamshul Huda on Wednesday afternoon and expressed their desire to be enlisted as voters.
‘The EC assured us that the expatriates would be included in the voters’ list,’ the delegation’s leader, Khairul Anam Yakub, told reporters after the meeting. He, however, protested against the EC’s move to ban expatriates’ political activities abroad and hoped that it would not take such an ‘unwise’ decision. ‘Everybody has the right to be involved in politics. Moreover the foreign units of different parties have aided helpless Bangladeshi expatriates abroad,’ he said.
Wednesday, 6 June 2007
IDB Sees Remittances From Spain To Latam At EUR5 Billion By 2010
Wed, Jun 6 2007, 11:03 GMThttp://www.djnewswires.com/eu
IDB Sees Remittances From Spain To Latam At EUR5 Billion By 2010 MADRID -(Dow Jones)- Remittances that Latin American workers in Spain send back home are expected to rise to EUR5 billion by 2010 from EUR3.7 billion last year, a survey by the Interamerican Development Bank showed Wednesday. Latin American immigration to Spain has almost tripled in the past five years. The 1.8 million Latin Americans working in Spain now represent 7% of the country's total workforce, the IDB said. The IDB survey, conducted by the Florida-based Bendixen & Associates consultancy, found that Latin American workers have wider and cheaper access to financial and remittance services in Spain than in the U.S. [Read more]
IDB Sees Remittances From Spain To Latam At EUR5 Billion By 2010 MADRID -(Dow Jones)- Remittances that Latin American workers in Spain send back home are expected to rise to EUR5 billion by 2010 from EUR3.7 billion last year, a survey by the Interamerican Development Bank showed Wednesday. Latin American immigration to Spain has almost tripled in the past five years. The 1.8 million Latin Americans working in Spain now represent 7% of the country's total workforce, the IDB said. The IDB survey, conducted by the Florida-based Bendixen & Associates consultancy, found that Latin American workers have wider and cheaper access to financial and remittance services in Spain than in the U.S. [Read more]
Tuesday, 5 June 2007
More money from LatAm workers in Spain
Published: June 5, 2007 at 2:48 PM
E-mail Story Print Preview License
WASHINGTON, June 5 (UPI) -- Spain is a huge source of money for Latin American workers, and not just the United States.
While the United States continues to be the single biggest source of income for Latin American workers seeking jobs overseas, Spain is becoming a greater source of remittances, according to the Inter-American Development Bank's latest report released Tuesday. [Read more]
E-mail Story Print Preview License
WASHINGTON, June 5 (UPI) -- Spain is a huge source of money for Latin American workers, and not just the United States.
While the United States continues to be the single biggest source of income for Latin American workers seeking jobs overseas, Spain is becoming a greater source of remittances, according to the Inter-American Development Bank's latest report released Tuesday. [Read more]
Saturday, 2 June 2007
THE TWO CARIBBEANS : ESTABLISHING A SYMBIOTIC RELATIONSHIP
Migration is perceived as one of the defining features of the Caribbean, since colonisation, slavery and indentureship. The celebrated Caribbean poet, Edward Kamau Brathwaite in lauding the Caribbean Diaspora, says you can find them everywhere,
“…on seaport quays; at airports; anywhere there is a ship or train, swift motor car or jet to travel faster than the breeze… You see them gathered; passport stamped… Where to? They do not know. Canada, the Panama canal, the Mississippi pain fields, Florida? Or on the dock at hissing smoke locked, Glasgow…” 1
Such is the geographical spread of our Caribbean peoples who live overseas. When we speak of the millions who live in the Community we have to double that figure to include those on the Diaspora, hence the two Caribbeans.
The premium being placed on the Caribbean Community’s relationship with the Diaspora is best expressed in the impending groundbreaking Conference on the Caribbean in Washington DC on 19 -21 June 2007, under the theme: Conference on the Caribbean: A 20/20 Vision. [Read more]
“…on seaport quays; at airports; anywhere there is a ship or train, swift motor car or jet to travel faster than the breeze… You see them gathered; passport stamped… Where to? They do not know. Canada, the Panama canal, the Mississippi pain fields, Florida? Or on the dock at hissing smoke locked, Glasgow…” 1
Such is the geographical spread of our Caribbean peoples who live overseas. When we speak of the millions who live in the Community we have to double that figure to include those on the Diaspora, hence the two Caribbeans.
The premium being placed on the Caribbean Community’s relationship with the Diaspora is best expressed in the impending groundbreaking Conference on the Caribbean in Washington DC on 19 -21 June 2007, under the theme: Conference on the Caribbean: A 20/20 Vision. [Read more]
PAKISTAN receives record $2.1b remittances from GCC states
BY MUZAFFAR RIZVI 2 June 2007
DUBAI — Pakistan is set to close fiscal year 2006-07 in June with record remittances as its expatriates in the GCC states sent 30.48 per cent more foreign exchange back to their homes during July-April 2007 period.
The inflow of remittances from the GCC states exceeded the $2 billion mark for the first time after September 11 attacks and amounted to $2.11 billion in the first 10-month of financial year 2006-07, compared to $1.6 billion in the corresponding period of last year.
Pakistanis in Saudi Arabia and UAE stayed on top of the list by sending almost $828 million and $674 million remittances respectively. However, Pak expatriates in other GCC countries — Kuwait, Qatar, Oman and Bahrain — sent $610 million remittances during July-April 2007 as against $477 million in the same period last year, reflecting growth of 27.7 per cent.
[Read more]
DUBAI — Pakistan is set to close fiscal year 2006-07 in June with record remittances as its expatriates in the GCC states sent 30.48 per cent more foreign exchange back to their homes during July-April 2007 period.
The inflow of remittances from the GCC states exceeded the $2 billion mark for the first time after September 11 attacks and amounted to $2.11 billion in the first 10-month of financial year 2006-07, compared to $1.6 billion in the corresponding period of last year.
Pakistanis in Saudi Arabia and UAE stayed on top of the list by sending almost $828 million and $674 million remittances respectively. However, Pak expatriates in other GCC countries — Kuwait, Qatar, Oman and Bahrain — sent $610 million remittances during July-April 2007 as against $477 million in the same period last year, reflecting growth of 27.7 per cent.
[Read more]
MEXICO's Soriana to pay remittances from Western Union Units
Saturday May 26th, 2007 / 0h00
MEXICO CITY -(Dow Jones)- U.S. money transfer companies Orlandi Valuta and Vigo Remittance Corp., both subsidiaries of Western Union Company (WU), said Friday they're now offering money transfers through stores of Mexican retailer Organizacion Soriana (SORIANA.MX). In a press release, Orlandi Valuta and Vigo said that under the multi-year agreement, recipients will be able to pick up transfers from the U.S. at 215 Soriana and Mercado Soriana stores in Mexico. The money will be received on "loyalty cards" issued by Soriana, which can be used for purchases at the stores or exchanged for cash, they said. [Read more]
MEXICO CITY -(Dow Jones)- U.S. money transfer companies Orlandi Valuta and Vigo Remittance Corp., both subsidiaries of Western Union Company (WU), said Friday they're now offering money transfers through stores of Mexican retailer Organizacion Soriana (SORIANA.MX). In a press release, Orlandi Valuta and Vigo said that under the multi-year agreement, recipients will be able to pick up transfers from the U.S. at 215 Soriana and Mercado Soriana stores in Mexico. The money will be received on "loyalty cards" issued by Soriana, which can be used for purchases at the stores or exchanged for cash, they said. [Read more]
NEPAL: Remittance's outstanding contribution to GDP rise
Remittance, money earned by Nepalese working overseas, has significantly contributed to the growth of gross domestic products (GDP) of the country. The remittance has surpassed exports as the top contributor to foreign exchange earnings.Nepal Rastra Bank (NRB) revealed this in a report released on Wednesday. NRB's report on ‘Inflow of Workers’ Remittances: Nepal’s Experiences’ presented at SAARC-Finance seminar on Management of Workers’ Remittances in SAARC Countries said remittance has positioned itself now as the top contributor to foreign exchange earning for last five years. The remittance had contributed by 11.5 per cent in 2000-01 and 16.8 per cent in 2005-06. [Read more]
Philippines: Gov’t urged to clarify remittance rules due to strong peso
By Jerome AningInquirerLast updated 11:14pm (Mla time) 05/29/2007
MANILA, Philippines--Seafarers have sought clarification from the Philippine Overseas Employment Administration regarding the foreign exchange rates being used by manning agencies in the country in the light of the continued appreciation of the peso against the US dollar.
In a letter to POEA Administrator Rosalinda Dimapilis-Baldoz, the groups said manning agencies' payroll schemes should be regulated by the agency, "on behalf of the thousands of Filipino seafarers who have been adversely affected by the continued appreciation of the peso." [Read more]
MANILA, Philippines--Seafarers have sought clarification from the Philippine Overseas Employment Administration regarding the foreign exchange rates being used by manning agencies in the country in the light of the continued appreciation of the peso against the US dollar.
In a letter to POEA Administrator Rosalinda Dimapilis-Baldoz, the groups said manning agencies' payroll schemes should be regulated by the agency, "on behalf of the thousands of Filipino seafarers who have been adversely affected by the continued appreciation of the peso." [Read more]
Global Campaign Against High Cost of Remittances:
Advocacy for multibillion dollar remittance industry to adopt Transnational Community Benefits Agreement (TCBA)
Migrant Forum in Asia (MFA) and the Center for Migrant Advocacy (CMA) organized a press briefing on the Global Campaign Against High Cost of Remittances on 23 May 2007 at the Newsdesk in Quezon City, Philippines.
The Global Campaign Against High Cost of Remittances was launched in the United States by immigrant communities including Mexicans, Salvadorians, Somalis, Kenyans and Filipinos asking for the adoption of the “Transnational Community Benefits Agreements” (TCBA). The campaign calls for 1) the reinvestment of $1 per transaction to communities where the company profits; 2) adopt standards of fairness and respect; and 3) abide by corporate social responsibility criteria that promote the human rights of remitters and their families. As a leading competitor in the remittance market, immigrant groups are asking Western Union to set an example by adopting the TCBA. Campaign will also take shape in Asia and the Philippines.
With over 200 million migrants scattered across the globe supporting a population back home, remittances have riveted the attention of national and international governments and businesses alike. The Philippines, with 8 million Overseas Filipino Workers (OFW) living and working abroad, is no stranger to receiving remittances from overseas relatives. While some migrants use transfer services from banks, most used the services of a money transfer agency and charged 8-15% in fees and commissions, resulting in billions of lost income for low-income workers and their families. [Read more]
Migrant Forum in Asia (MFA) and the Center for Migrant Advocacy (CMA) organized a press briefing on the Global Campaign Against High Cost of Remittances on 23 May 2007 at the Newsdesk in Quezon City, Philippines.
The Global Campaign Against High Cost of Remittances was launched in the United States by immigrant communities including Mexicans, Salvadorians, Somalis, Kenyans and Filipinos asking for the adoption of the “Transnational Community Benefits Agreements” (TCBA). The campaign calls for 1) the reinvestment of $1 per transaction to communities where the company profits; 2) adopt standards of fairness and respect; and 3) abide by corporate social responsibility criteria that promote the human rights of remitters and their families. As a leading competitor in the remittance market, immigrant groups are asking Western Union to set an example by adopting the TCBA. Campaign will also take shape in Asia and the Philippines.
With over 200 million migrants scattered across the globe supporting a population back home, remittances have riveted the attention of national and international governments and businesses alike. The Philippines, with 8 million Overseas Filipino Workers (OFW) living and working abroad, is no stranger to receiving remittances from overseas relatives. While some migrants use transfer services from banks, most used the services of a money transfer agency and charged 8-15% in fees and commissions, resulting in billions of lost income for low-income workers and their families. [Read more]
Philippines: OFW remittances to slow down in 2008
By DES FERRIOLSThe Philippine Star
Remittances from overseas Filipino workers are projected to grow by a slower five percent next year due to a drop in the number of overseas deployment this year.
Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. told reporters that OFW remittances that pass through banks are expected to grow by only five percent in 2008.
For this year, total remittances are expected to hit $14 billion, a notable 9.3-percent growth from the $12.8-billion inflows recorded in 2006.
Tetangco, however, said the five-percent growth projection is still subject to periodic review and could still change depending on emerging trends of workers’ deployment later in the year. [Read more]
COST TO SEND PACIFIC REMITTANCE TOO HIGH: STUDY
Auckland, New Zealand (NiuFM, May 29) - Millions of dollars head back to the islands each year from New Zealand but Pacific people are spending too much money sending it.
A new study by Waikato Univeristy economist, Professor John Gibson has found that money transfers from New Zealand to Tonga for example, are costing twice as much. [Read more]
A new study by Waikato Univeristy economist, Professor John Gibson has found that money transfers from New Zealand to Tonga for example, are costing twice as much. [Read more]
Ghana: Inward remittances hit $1.52bn
Posted on: 22-May-2007
Total private inward transfers received by NGOs, embassies, service providers and individuals for the first quarter of 2007 hit 1.52 billion dollars representing 17.1 per cent increase over the figure recorded for the same quarter of 2006.Dr Paul Acquah, Governor of the Bank of Ghana, said total transfers were 346.56 million dollars, representing 22.8 per cent accruing to individuals, compared with 32.8 per cent for the same period in 2006, when total transfers for the year amounted to 5.80 billion dollars.Gross international reserves pegged at 2.07 billion dollars being 2.5 months of goods and services imports cover. "In April 2007, there was a decline of 8.8 per cent from the end of 2006 level, but an increase of 8.4 percent in year-on-year terms," he added. [Read more]
Total private inward transfers received by NGOs, embassies, service providers and individuals for the first quarter of 2007 hit 1.52 billion dollars representing 17.1 per cent increase over the figure recorded for the same quarter of 2006.Dr Paul Acquah, Governor of the Bank of Ghana, said total transfers were 346.56 million dollars, representing 22.8 per cent accruing to individuals, compared with 32.8 per cent for the same period in 2006, when total transfers for the year amounted to 5.80 billion dollars.Gross international reserves pegged at 2.07 billion dollars being 2.5 months of goods and services imports cover. "In April 2007, there was a decline of 8.8 per cent from the end of 2006 level, but an increase of 8.4 percent in year-on-year terms," he added. [Read more]
Bangladesh's Inward Remittances Flow May Reach $6 Billion, Helping Country Pay For Imports
May 26, 2007 2:27 p.m. EST
Siddique Islam - AHN South Asia Correspondent
Dhaka, Bangladesh (AHN) - The Bangladesh Bank (BB), the country's central bank, expects that the flow of inward remittances will reach $6 billion by the end of the current fiscal year 2006-07, officials announced in the capital, Dhaka, on Saturday.
The country has already received $4.90 billion during the July-April period of fiscal year 2006-07 and over $1 billion is expected to pour into the country in the remaining two months of the current fiscal year.
"We are expecting that the flow of remittances may cross $6 billion by the end of the current fiscal (year)," a BB senior official told AHN in Dhaka on Saturday. He also said that the inflow of remittances will reach that level during this fiscal cycle if the existing upward trend continues. [Read more]
Siddique Islam - AHN South Asia Correspondent
Dhaka, Bangladesh (AHN) - The Bangladesh Bank (BB), the country's central bank, expects that the flow of inward remittances will reach $6 billion by the end of the current fiscal year 2006-07, officials announced in the capital, Dhaka, on Saturday.
The country has already received $4.90 billion during the July-April period of fiscal year 2006-07 and over $1 billion is expected to pour into the country in the remaining two months of the current fiscal year.
"We are expecting that the flow of remittances may cross $6 billion by the end of the current fiscal (year)," a BB senior official told AHN in Dhaka on Saturday. He also said that the inflow of remittances will reach that level during this fiscal cycle if the existing upward trend continues. [Read more]
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