Info-Prim Neo, 17.01.2008
The official remittances exceeded 1 billion USD in 2007 for the first time, Info-Prim Neo reports.
According to the National Bank of Moldova, the Moldovans working abroad over January-November 2007 transferred home about 1.09 billion USD. In November, remittances totalled 117.55 million USD or almost two times more than in January.
Over 75% of the total remittances (818.86 million USD) were transferred through money transfer systems. [Read More]
Friday, 18 January 2008
Remittances grow 3.8% to $1.2B in Nov 2007
Remittances from overseas Filipinos coursed through banks rose 3.8 percent in November to $1.2 billion, the Bangko Sentral ng Pilipinas reported Tuesday.In a statement, the BSP said earnings sent home for the first eleven months of 2007 reached $13.1 billion, 14.1 percent higher than the $11.4 billion registered in the same period in 2006.Bulk of remittance flows came from the United States, UK, Italy, United Arab Emirates, Saudi Arabia, Canada, Singapore, Japan, and Hong Kong.
"The sustained strong remittance flows in November reflected the continued rise in the number of deployed overseas workers," the central bank said. [Read more]
"The sustained strong remittance flows in November reflected the continued rise in the number of deployed overseas workers," the central bank said. [Read more]
Philippines: Slowdown in OFW remittance growth to indicate US economic meltdown
THE GOVERNMENT should keep watch on remittance inflows from overseas Filipino workers (OFWs) as a slower growth posted in November may be indicative of weaker inflows in the near term.
"The monthly growth numbers of OFW remittances bear watching as this may indicate whether the feared recession in the US is beginning to have an impact on the money flow from overseas Filipinos," brokerage house Philippine Equity Partners, Inc. said in a research note. [Read more]
"The monthly growth numbers of OFW remittances bear watching as this may indicate whether the feared recession in the US is beginning to have an impact on the money flow from overseas Filipinos," brokerage house Philippine Equity Partners, Inc. said in a research note. [Read more]
Pakistan: THE RUPEE: 30 paisa gain in interbank market
First half remittances up 19.40 percent
KARACHI (January 18, 2008): Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $3,066.33 million was received in the first half (July-December 2007) of the current fiscal year 2007-08, showing an increase of $498.31 million or 19.40 percent over the same period of the last fiscal year. Source
KARACHI (January 18, 2008): Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $3,066.33 million was received in the first half (July-December 2007) of the current fiscal year 2007-08, showing an increase of $498.31 million or 19.40 percent over the same period of the last fiscal year. Source
The Global Remittance Guide
Remittances are among the most tangible links between migration and development. Officially recorded flows totaled over US$280 billion worldwide in 2006. Nearly three-quarters were sent to developing countries. In 22 countries, remittances were equal to more than 10 percent of Gross Domestic Product (GDP) in 2006; in six countries they were equal to more than 20 percent of GDP.
Learn about remittance trends and patterns of the world, six regions, and the top remittances-receiving countries in terms of the volume and the share of GDP, by selecting the geography of interest. Click on one of the two maps below to visualize global remittance flows, either numerically or as a share of GDP.
Note: These data only capture remittances sent through formal channels such as banks and money transfer operators. Currently, no uniform and authoritative historical data on informal flows exist. However, where estimates of informal remittances are available, we include them in the remittances profiles. Given the widespread use of informal remittance channels in many countries, the remittance data presented in this guide should be regarded as underestimates of the total flows. [Read more]
Learn about remittance trends and patterns of the world, six regions, and the top remittances-receiving countries in terms of the volume and the share of GDP, by selecting the geography of interest. Click on one of the two maps below to visualize global remittance flows, either numerically or as a share of GDP.
Note: These data only capture remittances sent through formal channels such as banks and money transfer operators. Currently, no uniform and authoritative historical data on informal flows exist. However, where estimates of informal remittances are available, we include them in the remittances profiles. Given the widespread use of informal remittance channels in many countries, the remittance data presented in this guide should be regarded as underestimates of the total flows. [Read more]
Sunday, 13 January 2008
Bangladesh: Flow Of Foreign Remittances In Last Year Sets New Record
DHAKA, Jan 9 (Bernama) -- Flow of foreign remittances during the last one year has set a new record in the country as a result of different pragmatic steps taken by the present caretaker government after taking office on January 11, 2007.Bangladesh news agency (BSS) reported Wednesday that experts from private and public sectors hope that flow of foreign remittances in the country is expected to break all previous records at the end of this financial year if the current trend is continued in this sector.
According to the statistics available in the Ministry of Labour and Employment, a total of US$5.93 billion foreign remittance has come in the country from January to December 24 last year.On the other hand, the country has set a new record by earning a total of US$61.86 million only in the month of November last year which is all time high against the previous years. [Read more]
According to the statistics available in the Ministry of Labour and Employment, a total of US$5.93 billion foreign remittance has come in the country from January to December 24 last year.On the other hand, the country has set a new record by earning a total of US$61.86 million only in the month of November last year which is all time high against the previous years. [Read more]
India: Remittances to India under strict scrutiny
03 January 2008Exchange houses in the Gulf catering to non-resident Indians (NRIs) have begun to take a second look at their clients' accounts after India's central bank imposed strict regulations on Indian banks receiving funds from exchange companies.
The move by the Reserve Bank of India (RBI) is an attempt to control the increasing influx of capital into the stock markets and lotteries from NRIs. The huge inflows of foreign wealth have been increasing speculation in the Indian market, which the government fears is artificial and unhealthy, said analysts.
The number of companies offering remittance services to India has been growing in the Gulf and the introduction of net-based cash transaction services has lead to a boom in outlets competing to receive remittances.
[Read more]
The move by the Reserve Bank of India (RBI) is an attempt to control the increasing influx of capital into the stock markets and lotteries from NRIs. The huge inflows of foreign wealth have been increasing speculation in the Indian market, which the government fears is artificial and unhealthy, said analysts.
The number of companies offering remittance services to India has been growing in the Gulf and the introduction of net-based cash transaction services has lead to a boom in outlets competing to receive remittances.
[Read more]
Philippines: Almost 3,000 Filipinos Leaving for Work Abroad Daily Despite Low Exchange Rate
Gloria Esguerra Melencio, Arab News
MANILA, 11 January 2008 — Work abroad remains enticing as an average of 2,941 Filipinos left the Philippines every day to work overseas, mainly in the Middle East last year, despite the continuing decrease in the value of remittances due to fluctuating the peso-dollar exchange rate.
Preliminary data from the Philippine Overseas Employment Administration (POEA) revealed that remittances by Overseas Filipino Workers (OFWs) have increased by 21.92 percent with May 2006 total remittances of $1 million jumping to January 2007 remittances of $5.9 million. [Read more]
MANILA, 11 January 2008 — Work abroad remains enticing as an average of 2,941 Filipinos left the Philippines every day to work overseas, mainly in the Middle East last year, despite the continuing decrease in the value of remittances due to fluctuating the peso-dollar exchange rate.
Preliminary data from the Philippine Overseas Employment Administration (POEA) revealed that remittances by Overseas Filipino Workers (OFWs) have increased by 21.92 percent with May 2006 total remittances of $1 million jumping to January 2007 remittances of $5.9 million. [Read more]
Moroccan expatriates' remittances, tourist receipts over January-November 2007
Rabat, Jan. 3 - Moroccan expatriates' remittances and tourist receipts posted, over the period January-November 2007, respectively a 17.2% and 13.8% rise, compared to the same period of the previous year, according to figures released by the Office des Changes (Exchange Office).
Tourist receipts totaled, by late November, some USD 7Bn as against USD 6Bn in the same period of 2006. Compared with the average of receipts by the end of November over 2002-2006 (USD 4Bn), receipts rose by 57.2%. [Read more]
Tourist receipts totaled, by late November, some USD 7Bn as against USD 6Bn in the same period of 2006. Compared with the average of receipts by the end of November over 2002-2006 (USD 4Bn), receipts rose by 57.2%. [Read more]
Philippines: High Remittances Attributed to Shift in OFW Employment Pattern
Iloilo City -- The continued high remittances from the Overseas Filipino Workers (OFWs) had been attributed to the shift in employment pattern.Labor Secretary Arturo Brion said the reason for this is that the country had more professional and skilled workers going overseas rather than the non-skilled workers.
Brion noted that in 2006, 60 percent of the more than one million OFWs were professionals, while 40 percent were non-skilled workers.He said that in 2007 the deployment of skilled overseas workers increased to 73 percent compared to 27 percent for non-skilled workers, including domestic workers. [Read more]
Brion noted that in 2006, 60 percent of the more than one million OFWs were professionals, while 40 percent were non-skilled workers.He said that in 2007 the deployment of skilled overseas workers increased to 73 percent compared to 27 percent for non-skilled workers, including domestic workers. [Read more]
Indian Ex-Pats Will Direct Investment into Social Projects
January 05, 2008 - 23:00, The Peninsula - Quatar
THE NR EYE: Focus on investment in social projects
Indian officials have made it plain that they’ve given up using the annual diaspora conclave as a platform to woo investments of overseas Indians.
"The investment or money has not been forthcoming. Therefore, we decided that we will not ask for any investment this year (at Pravasi Bharatiya Divas 2008) but seek partnership from NRIs for philanthropic projects," Overseas Indian Affairs Minister Vayalar Ravi told the media recently.
In India, the contributions made by migrants are not readily apparent in economic terms. Overseas Chinese, for example, accounted for 80 per cent or more of the inward foreign direct investment into China in the 1980s and early 1990s, when that country opened up. By contrast, Non-resident Indians (NRIs) accounted for 10 per cent or less of inward FDI after India opened up. Most of the capital sent to India by NRIs has been personal transfers to family and friends, not FDI. [Read more]
THE NR EYE: Focus on investment in social projects
Indian officials have made it plain that they’ve given up using the annual diaspora conclave as a platform to woo investments of overseas Indians.
"The investment or money has not been forthcoming. Therefore, we decided that we will not ask for any investment this year (at Pravasi Bharatiya Divas 2008) but seek partnership from NRIs for philanthropic projects," Overseas Indian Affairs Minister Vayalar Ravi told the media recently.
In India, the contributions made by migrants are not readily apparent in economic terms. Overseas Chinese, for example, accounted for 80 per cent or more of the inward foreign direct investment into China in the 1980s and early 1990s, when that country opened up. By contrast, Non-resident Indians (NRIs) accounted for 10 per cent or less of inward FDI after India opened up. Most of the capital sent to India by NRIs has been personal transfers to family and friends, not FDI. [Read more]
US Dollar Decline Impacts Immigrant Remittances
By Nathan King
New York 03 January 2008
The value of the U.S. dollar has dropped about 20 percent against a basket of major currencies in the last five years. This decline has been especially tough for immigrants who work in the United States and send money to their families back home. As Nathan King reports from New York, these dollar remittances are key for the economies in many developing nations.
Eric Amaoako says he is working harder to send money home to his wife and his parents in GhanaNo weekends off and as much overtime as he can get. Eric Amaoako lives and works in New York, but has four children, a wife and his parents relying on the $200 he sends back home each month to Ghana.
In previous years, life hasn't been this hard for Amaoako. But because of the continued depreciation of the U.S. dollar, the money he sends home has less purchasing power so he has had to work harder and longer to send more. [Read more]
New York 03 January 2008
The value of the U.S. dollar has dropped about 20 percent against a basket of major currencies in the last five years. This decline has been especially tough for immigrants who work in the United States and send money to their families back home. As Nathan King reports from New York, these dollar remittances are key for the economies in many developing nations.
Eric Amaoako says he is working harder to send money home to his wife and his parents in GhanaNo weekends off and as much overtime as he can get. Eric Amaoako lives and works in New York, but has four children, a wife and his parents relying on the $200 he sends back home each month to Ghana.
In previous years, life hasn't been this hard for Amaoako. But because of the continued depreciation of the U.S. dollar, the money he sends home has less purchasing power so he has had to work harder and longer to send more. [Read more]
UK/Africa: CUSTOMER CHARTER PROMISES BETTER DEAL FOR FAMILIES WHO SEND MONEY TO LOVED ONES IN AFRICA
Press Releases - Thu, 10 Jan 2008
Consumers sending money to family and friends overseas will gain new safeguards under a new customer charter for money transfer companies launched today by International Development Minister Shahid Malik.
People in the UK send an estimated £2.3 billion a year to loved ones in over 50 developing countries – a key source of overseas funds for many economies. Yet many find the process difficult and insecure.
Charges vary widely and the total cost to send £100 to some countries can range from less than £4 to as much as £40.According to research by the Department for International Development (DFID), the biggest worry for those sending money is whether it will arrive safely, followed by excessive charges and delays to relatives receiving the money. [Read more]
Consumers sending money to family and friends overseas will gain new safeguards under a new customer charter for money transfer companies launched today by International Development Minister Shahid Malik.
People in the UK send an estimated £2.3 billion a year to loved ones in over 50 developing countries – a key source of overseas funds for many economies. Yet many find the process difficult and insecure.
Charges vary widely and the total cost to send £100 to some countries can range from less than £4 to as much as £40.According to research by the Department for International Development (DFID), the biggest worry for those sending money is whether it will arrive safely, followed by excessive charges and delays to relatives receiving the money. [Read more]
Ghana: Economic Importance Of Foreign Remittances
Business/Finance - Fri, 04 Jan 2008
Remittances over the years, as the records indicate, have played a significant role in the socio-economic development of the country and are also emerging as one of the leading contributors to Ghana’s Gross Domestic Product (GDP).
Information accessible at the Bank of Ghana reveals that from January to November 2006, private inward transfers from non-governmental organisations (NGOs), individuals and other institutions through the Bank of Ghana and other financial institutions stood at US$4.25 billion, representing the largest source of foreign exchange into the country.
Again, for the first quarter of 2007, according to figures released by the Bank of Ghana, remittances to the country totalled US$1.52 billion, representing an increase of about 17.1 per cent over the same period last year. [Read more]
Remittances over the years, as the records indicate, have played a significant role in the socio-economic development of the country and are also emerging as one of the leading contributors to Ghana’s Gross Domestic Product (GDP).
Information accessible at the Bank of Ghana reveals that from January to November 2006, private inward transfers from non-governmental organisations (NGOs), individuals and other institutions through the Bank of Ghana and other financial institutions stood at US$4.25 billion, representing the largest source of foreign exchange into the country.
Again, for the first quarter of 2007, according to figures released by the Bank of Ghana, remittances to the country totalled US$1.52 billion, representing an increase of about 17.1 per cent over the same period last year. [Read more]
Value of OFWs is not in $12-B annual remittance
By Willy E. ArcillaPhilippine Daily InquirerFirst Posted 00:04:00 01/14/2008
MANILA, Philippines--THERE IS AN an urgent and pressing need to arrest if not reverse the chronic brain drain led by the millions of OFWs and emigres by addressing their reasons for leaving: The lack of opportunities at home to improve their quality of life and provide for a better future for their families.
It is lamentable to hear top government leaders celebrating the exodus of OFWs in anticipation of their monthly remittances that only feed private consumption spending. [Read more]
MANILA, Philippines--THERE IS AN an urgent and pressing need to arrest if not reverse the chronic brain drain led by the millions of OFWs and emigres by addressing their reasons for leaving: The lack of opportunities at home to improve their quality of life and provide for a better future for their families.
It is lamentable to hear top government leaders celebrating the exodus of OFWs in anticipation of their monthly remittances that only feed private consumption spending. [Read more]
Thursday, 6 December 2007
Western Union Supports Disaster Relief Initiatives in Bangladesh
As a humanitarian gesture toward cyclone relief efforts in Bangladesh, Western Union is launching a "No Transfer Fee"(1) Pricing Action for any amount sent to Bangladesh from Italy, the United Kingdom, the U.S.A., Kuwait, Saudi Arabia and the United Arab Emirates.(2) The initiative will run from Nov. 27, 2007 to Dec. 31, 2007 in the U.S. and from Dec. 1, 2007 to Dec. 31, 2007 in the United Kingdom, Italy, Kuwait, the United Arab Emirates and Saudi Arabia. Remittances will be vital in offering emergency support on top of relief efforts by the Government of Bangladesh, UN agencies and various NGOs to the victims of Cyclone Sidr.
Moreover, The Western Union Foundation, a philanthropic organization to facilitate charitable giving programs worldwide, is donating US$100,000 to UNICEF in its relief response in the areas of water, sanitation and hygiene, nutrition, education, child protection and the provision of non-food items.
The Western Union Foundation also is encouraging employee donations through the Western Union Employee Gift Matching Program. The Western Union Foundation will match registered employee donations to UNICEF on a one-for-one basis, up to US $25,000.
[Read more]
Moreover, The Western Union Foundation, a philanthropic organization to facilitate charitable giving programs worldwide, is donating US$100,000 to UNICEF in its relief response in the areas of water, sanitation and hygiene, nutrition, education, child protection and the provision of non-food items.
The Western Union Foundation also is encouraging employee donations through the Western Union Employee Gift Matching Program. The Western Union Foundation will match registered employee donations to UNICEF on a one-for-one basis, up to US $25,000.
[Read more]
Moldova tops ranking by share of remittances in GDP
Moldova and Tajikistan take the first position in the world by the share of remittances in the Gross Domestic Product, according to the World Bank report “Remittance Trends 2007”. The remittances in Moldova and Tajikistan make up 36.2% of the GDP. The two states are followed by Tonga with 32.3%, Kyrgyzstan with over 27%, Honduras and Lesotho with about 25% each etc.
India ranks first in the world by the volume of remittances - about 27 billion USD. China and Mexico come next with 25 billion USD each. Romania took the tenth position with 6.8 billion USD remittances.
According to official statistics, the Moldovans working abroad last year transferred home about 1 billion USD through commercial banks. The same figure is predicted for this year. Analysts say that the unofficial remittances are more than twice as large as the recorded remittances.
Source
India ranks first in the world by the volume of remittances - about 27 billion USD. China and Mexico come next with 25 billion USD each. Romania took the tenth position with 6.8 billion USD remittances.
According to official statistics, the Moldovans working abroad last year transferred home about 1 billion USD through commercial banks. The same figure is predicted for this year. Analysts say that the unofficial remittances are more than twice as large as the recorded remittances.
Source
Bangladesh's Remittance Flow Records 21.69 Percent Growth
Siddique Islam - AHN South Asia Correspondent
Dhaka, Bangladesh (AHN) - Remittances by the Bangladeshi expatriates stood at $2.806 billion in the first five months of the current fiscal, marking a 21.69 per cent growth over that of the same period of the last fiscal, officials say in the capital, Dhaka.
Bangladesh received $2.806 billion during the July-November period of the fiscal 2007-08 against $2.306 billion in the same period of the previous fiscal, according to the Bangladesh Bank (BB), the country's central bank, statistics, released Wednesday.
The remittances from Bangladeshi nationals working abroad were estimated at a record $618.60 million in November 2007, which was $58.55 million higher than that of the previous month. In October 2007, the total amount of money remitted by Bangladeshi wage earners amounted to $559.05 million, the BB's data showed. [Read more]
Dhaka, Bangladesh (AHN) - Remittances by the Bangladeshi expatriates stood at $2.806 billion in the first five months of the current fiscal, marking a 21.69 per cent growth over that of the same period of the last fiscal, officials say in the capital, Dhaka.
Bangladesh received $2.806 billion during the July-November period of the fiscal 2007-08 against $2.306 billion in the same period of the previous fiscal, according to the Bangladesh Bank (BB), the country's central bank, statistics, released Wednesday.
The remittances from Bangladeshi nationals working abroad were estimated at a record $618.60 million in November 2007, which was $58.55 million higher than that of the previous month. In October 2007, the total amount of money remitted by Bangladeshi wage earners amounted to $559.05 million, the BB's data showed. [Read more]
OFW money powers peso to 41.88 vs US$
By Doris DumlaoInquirerLast updated 03:02am (Mla time) 12/07/2007
MANILA, Philippines -- Remittances from overseas Filipino workers ahead of the holidays continued to fuel the peso’s steep climb as it closed at 41.88 against the US dollar Thursday.
The peso even bucked the sluggish trend in the regional currency market when it marked a new seven-and-a-half year high, peaking at 41.85 in intra-day trade.
“December is naturally a strong season for remittances,” said Reevie Vergara, treasurer at the state-owned Land Bank of the Philippines. “Some OFWs anticipate that the US dollar is weakening so the money budgeted for the end of the year or January is being remitted now so that beneficiaries can convert (into pesos) at a better exchange rate.”
[Read more]
MANILA, Philippines -- Remittances from overseas Filipino workers ahead of the holidays continued to fuel the peso’s steep climb as it closed at 41.88 against the US dollar Thursday.
The peso even bucked the sluggish trend in the regional currency market when it marked a new seven-and-a-half year high, peaking at 41.85 in intra-day trade.
“December is naturally a strong season for remittances,” said Reevie Vergara, treasurer at the state-owned Land Bank of the Philippines. “Some OFWs anticipate that the US dollar is weakening so the money budgeted for the end of the year or January is being remitted now so that beneficiaries can convert (into pesos) at a better exchange rate.”
[Read more]
Monday, 3 December 2007
Philippines: Remittances via Landbank hit $407M
By IRIS C. GONZALESThe Philippine Star
Remittances from overseas Filipinos coursed through the Land Bank of the Philippines (Landbank) have reached $407 million in the first nine months of the year or 30 percent higher than the $313 million recorded in the same period last year.
By yearend, Landbank is targeting to increase this to $490 million on expectations that Filipinos abroad will be sending more dollars to their relatives in the country for the Christmas season, Landbank president and chief executive officer Gilda Pico said.
"We may even exceed our target consistent with our renewed commitment to position Landbank among other leading banks in providing fast and convenient ways of transferring funds to beneficiaries of overseas Filipinos," Pico said. [Read more]
Remittances from overseas Filipinos coursed through the Land Bank of the Philippines (Landbank) have reached $407 million in the first nine months of the year or 30 percent higher than the $313 million recorded in the same period last year.
By yearend, Landbank is targeting to increase this to $490 million on expectations that Filipinos abroad will be sending more dollars to their relatives in the country for the Christmas season, Landbank president and chief executive officer Gilda Pico said.
"We may even exceed our target consistent with our renewed commitment to position Landbank among other leading banks in providing fast and convenient ways of transferring funds to beneficiaries of overseas Filipinos," Pico said. [Read more]
Remittance Flows to Developing Countries to Reach $240 billion in 2007, Predicts World Bank
WASHINGTON, November 30 – Remittances to developing countries will reach an estimated $240 billion in 2007, according to new data released today by the World Bank. The brief, “Remittance Trends 2007,” goes on to say that the true size of remittances including unrecorded flows is even larger. The release was timed to coincide with a November 28-30 G8 Outreach meeting on remittances in Berlin.
“Recorded remittances are more than twice as large as official aid and nearly two-thirds of FDI flows received by developing countries,” explained Dilip Ratha, Senior Economist in the Development Prospects Group of the World Bank.
The brief describes broad regional and country specific trends in remittance flows worldwide, and highlights some structural changes that will affect future flows. [Read more]
“Recorded remittances are more than twice as large as official aid and nearly two-thirds of FDI flows received by developing countries,” explained Dilip Ratha, Senior Economist in the Development Prospects Group of the World Bank.
The brief describes broad regional and country specific trends in remittance flows worldwide, and highlights some structural changes that will affect future flows. [Read more]
Vietnam: REMITTANCES FROM OVERSEAS VIETNAMESE EXCEED US$5 BILLION
November 30, 2007, 3:15 pm
HANOI, Nov 30 Asia Pulse - Remittances by overseas Vietnamese have continued to rise, and are expected to reach US$5 billion this year, a State Bank of Vietnam official has said.
Nguyen Ngoc Lan, deputy head of the bank's Overseas Remittances Management Department, said a large portion of the remittances, US$1.6 billion last year, were sent by Vietnamese guest workers abroad. "The remittances, already at around 5 per cent of the country's GDP, will continue to increase as more people go abroad to work", Lan said.
[Read more]
HANOI, Nov 30 Asia Pulse - Remittances by overseas Vietnamese have continued to rise, and are expected to reach US$5 billion this year, a State Bank of Vietnam official has said.
Nguyen Ngoc Lan, deputy head of the bank's Overseas Remittances Management Department, said a large portion of the remittances, US$1.6 billion last year, were sent by Vietnamese guest workers abroad. "The remittances, already at around 5 per cent of the country's GDP, will continue to increase as more people go abroad to work", Lan said.
[Read more]
High-Level Meeting on Remittances, 28 - 30 November 2007 in Berlin
At the economic summit in Heiligendamm, the heads of state and government of the leading industrialised nations agreed that Germany, the current president of the G8, should organise a high-level meeting on remittances as early as this autumn.
In response, the Federal Ministry of Finance will therefore be hosting a conference on this topic in Berlin from 28 to 30 November 2007. Remittances are money transfers made by migrants living in one country to their relatives abroad. For developing nations in particular, these remittances today represent the most substantial source of income. According to the World Bank, annual global remittance flows to the developing world alone approach some $US310 billion.
This is three times the amount of worldwide development aid (which stood at US$104 billion in 2006) and almost as high as direct investment in these countries as well. [Read more]
In response, the Federal Ministry of Finance will therefore be hosting a conference on this topic in Berlin from 28 to 30 November 2007. Remittances are money transfers made by migrants living in one country to their relatives abroad. For developing nations in particular, these remittances today represent the most substantial source of income. According to the World Bank, annual global remittance flows to the developing world alone approach some $US310 billion.
This is three times the amount of worldwide development aid (which stood at US$104 billion in 2006) and almost as high as direct investment in these countries as well. [Read more]
Bharti Airtel & Western Union to pilot Mobile Money Transfer Service in India
Bharti Airtel Ltd has announced that in a first-of-its kind agreement, Bharti Airtel and Western Union have decided to jointly develop and pilot a Mobile Money Transfer service in India.
This pioneering agreement will usher in the possibility of sending money to India via the mobile phone. Western Union agents presently provide cash remittance services in India.
The mobile money transfer service is subject to regulatory approval. According to The World Bank, the number of immigrants globally is in the region of 200 million - approximately 3% of the worlds population.
[Read more]
This pioneering agreement will usher in the possibility of sending money to India via the mobile phone. Western Union agents presently provide cash remittance services in India.
The mobile money transfer service is subject to regulatory approval. According to The World Bank, the number of immigrants globally is in the region of 200 million - approximately 3% of the worlds population.
[Read more]
Philippines: Peso's dizzy rise gives Filipinos overseas a headache
By Carmel Crimmins
Reuters
Last updated 08:45am (Mla time)
12/03/2007
MANILA, Philippines -- Manila's malls are abuzz with Christmas carols and glitzy decorations but Marlene Isleta has little festive cheer.
A strong Philippine peso and a weak US dollar means that Isleta has less cash in her pocket after receiving the remittance money her husband, a waiter on a luxury cruise ship, sends her every month.
"The money is really tight. Christmas is just another day for me. I'll be hiding from my godchildren that day," she said, on a break from her office job in Manila's financial district.
Isleta's husband is one of an estimated eight million Filipinos, or around 10 percent of the population, who work overseas due to a lack of opportunities at home and whose remittances have driven the domestic economy to a 20-year high. [Read more]
Reuters
Last updated 08:45am (Mla time)
12/03/2007
MANILA, Philippines -- Manila's malls are abuzz with Christmas carols and glitzy decorations but Marlene Isleta has little festive cheer.
A strong Philippine peso and a weak US dollar means that Isleta has less cash in her pocket after receiving the remittance money her husband, a waiter on a luxury cruise ship, sends her every month.
"The money is really tight. Christmas is just another day for me. I'll be hiding from my godchildren that day," she said, on a break from her office job in Manila's financial district.
Isleta's husband is one of an estimated eight million Filipinos, or around 10 percent of the population, who work overseas due to a lack of opportunities at home and whose remittances have driven the domestic economy to a 20-year high. [Read more]
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