Md Abdul Jabbar
Remittance market represents the total funds sent by individuals who are residents abroad to recipients through both formal (i.e., banking system) and informal i.e., "Hundi" channels. If Bangladesh achieves the goal of incentivising increasing use of the informal sector for sending remittances, the flows through the banking system would be $4.0 billion greater -- at around $10.0 billion within three years. Reducing transaction fees over three to five years to the IADB average target of 5.0%, which is not unreasonable given the lower starting point, would increase net formal sector remittances by more than $500 million per year.
Statistics indicates a remittance flow of about $6.50 billion in 2006, fully $3.70 billion of which came from the KSA, the UAE and the UK. These numbers are mere compilations of returns from the commercial banks of their remittance activity. The majority of the Bangladesh diaspora consist of unskilled labourers as is the ease within the Latin American countries, where the remitting community abroad consists overwhelmingly of poorly educated unskilled workers in low wage jobs in the US and Europe.[Read more]
Saturday, 16 February 2008
Wednesday, 13 February 2008
13 February 2008
Yemen ranked high among the top 10 countries in the Middle East and North Africa in receiving financial remittances from abroad last year, according to a report issued by the World Bank.
Financial remittances of Yemenis living abroad amounted to $1.300 billion in 2007, forming 6.7 percent of the Gross Domestic Product for that year.
Total remittances from Yemeni emigrants during 2000-2007 exceeded $10 billion, whereas money sent by foreign workers living in Yemen to other countries amounted to $587 billion during the same period, according to the World Bank.
These remittances are a way of reducing poverty and supporting the economy, a fact which was confirmed by the World Bank in its report, said Taha al-Fosiel, economist at Sana'a University.
Yemen ranked high among the top 10 countries in the Middle East and North Africa in receiving financial remittances from abroad last year, according to a report issued by the World Bank.
Financial remittances of Yemenis living abroad amounted to $1.300 billion in 2007, forming 6.7 percent of the Gross Domestic Product for that year.
Total remittances from Yemeni emigrants during 2000-2007 exceeded $10 billion, whereas money sent by foreign workers living in Yemen to other countries amounted to $587 billion during the same period, according to the World Bank.
These remittances are a way of reducing poverty and supporting the economy, a fact which was confirmed by the World Bank in its report, said Taha al-Fosiel, economist at Sana'a University.
Bangladesh: Thoughts on increasing NRB remittances
Shaikh Abdul Hamid
Wage-earners abroad - send some more!
Remittances by non-resident Bangladeshis (NRB) through official channels hit $ 6.4 billion in 2007 as per the World Bank, and the caretaker government has shown keen interest in increasing that.
Right after the recent NRB conference in Dhaka interested NRBs held follow-up meetings to try to capitalise on the momentum generated. The march continues. The Bangladesh Enterprise Institute (BEI) organised a roundtable discussion on February 5 on increasing remittances from abroad.
A high-powered GOB team is expected to visit Saudi Arabia to explore the problems of Bangladeshi workers. The Daily Star published related back-to-back articles by two NRBs, Dewan Sadek Afzal ("Promoting NRB Investment" in the February 5 issue), and Halimur Rashid Khan ("Increasing Remittance from Non-Resident Bangladeshis" in the February 6 issue).
We hope that the policy prescriptions that follow from the BEI roundtable, the findings and recommendations that the GOB team brings back, and the prescriptions by others to increase NRB remittances will receive due consideration, careful evaluation, and coordinated, committed and resolute implementation by the GOB.
[Read more]
Wage-earners abroad - send some more!
Remittances by non-resident Bangladeshis (NRB) through official channels hit $ 6.4 billion in 2007 as per the World Bank, and the caretaker government has shown keen interest in increasing that.
Right after the recent NRB conference in Dhaka interested NRBs held follow-up meetings to try to capitalise on the momentum generated. The march continues. The Bangladesh Enterprise Institute (BEI) organised a roundtable discussion on February 5 on increasing remittances from abroad.
A high-powered GOB team is expected to visit Saudi Arabia to explore the problems of Bangladeshi workers. The Daily Star published related back-to-back articles by two NRBs, Dewan Sadek Afzal ("Promoting NRB Investment" in the February 5 issue), and Halimur Rashid Khan ("Increasing Remittance from Non-Resident Bangladeshis" in the February 6 issue).
We hope that the policy prescriptions that follow from the BEI roundtable, the findings and recommendations that the GOB team brings back, and the prescriptions by others to increase NRB remittances will receive due consideration, careful evaluation, and coordinated, committed and resolute implementation by the GOB.
[Read more]
Global Money Exchange launches fast remittance
12/Feb/2008
Oman Daily Observer
Global Money Exchange Company (GMEC), one of the leading exchange companies in the Sultanate managed by the State Bank of Travancore, has launched an electronic remittance facility using National Electronic Fund Transfer (NEFT). Addressing a press conference to launch the fast remittance facility, A K Basu, General Manager — International Banking — of State Bank of Travancore (SBT), said that non-resident Indians (NRIs) in Oman could remit their funds to any of the 38,000 branches of 100 Indian banks spread across the country within a day. “The funds will be credited within 24 hours to the beneficiary’s account. The message goes electronically through the Reserve Bank of India gateway,” he noted.
Basu, who was on a short visit to Muscat, said that if the money cannot be credited to the beneficiary’s account, the fund will be returned to the remitter. GMEC levies RO 1.5 per transaction for availing the new remittance facility. Referring to the financial performance of GMEC, he said that the number of remittances from the exchange shot up from 102,455 in 2003 to 428,041 in 2007, while the remittance volumes soared from Rs 267 crore to Rs 1,349 crore during the period.
Oman Daily Observer
Global Money Exchange Company (GMEC), one of the leading exchange companies in the Sultanate managed by the State Bank of Travancore, has launched an electronic remittance facility using National Electronic Fund Transfer (NEFT). Addressing a press conference to launch the fast remittance facility, A K Basu, General Manager — International Banking — of State Bank of Travancore (SBT), said that non-resident Indians (NRIs) in Oman could remit their funds to any of the 38,000 branches of 100 Indian banks spread across the country within a day. “The funds will be credited within 24 hours to the beneficiary’s account. The message goes electronically through the Reserve Bank of India gateway,” he noted.
Basu, who was on a short visit to Muscat, said that if the money cannot be credited to the beneficiary’s account, the fund will be returned to the remitter. GMEC levies RO 1.5 per transaction for availing the new remittance facility. Referring to the financial performance of GMEC, he said that the number of remittances from the exchange shot up from 102,455 in 2003 to 428,041 in 2007, while the remittance volumes soared from Rs 267 crore to Rs 1,349 crore during the period.
Domincan Republic’s remittances reach a record US$2.B in 2007
SANTO DOMINGO.- In 2007 money remittances to the Domincan Republic reached US$2.980 million, a record in the 10 years since the figures have been registered.
With a population of some 9 million and with 14 percent living abroad- around 1.5 million according to an Immigration Department estimate- to establish a remittances business in Dominican Republic should be a true "hit," though in the last few years "this work is in frank decay," said Dominican Currency Remittance Companies Association (Aderedi) president Freddy Ortiz.
However, this type of business has contributed to reduce poverty in the country, since rural areas receive nearly 40 percent, another 40 percent in the cities, while of the total, 60 percent go to lower class families.
With a population of some 9 million and with 14 percent living abroad- around 1.5 million according to an Immigration Department estimate- to establish a remittances business in Dominican Republic should be a true "hit," though in the last few years "this work is in frank decay," said Dominican Currency Remittance Companies Association (Aderedi) president Freddy Ortiz.
However, this type of business has contributed to reduce poverty in the country, since rural areas receive nearly 40 percent, another 40 percent in the cities, while of the total, 60 percent go to lower class families.
New Remittance Service Between Philippines and UAE Launches Successfully
The new Mobile Remittance Service “payMAX” from paybox, a mobile payment enterprise solutions company based in Germany, and Lari Exchange, one of the oldest and largest money exchanges based in Abu Dhabi, was successfully launched on February 6, 2008. This alliance permits the expansion of the mobile Commerce Portfolio offered by paybox and positions Lari as a leading exchange house in the UAE.
payMAX is the first Mobile Remittance Service between the Middle East and the Philippines’ GCash (Globe Telecom) mobile wallet. The alliance combines paybox’s Mobiliser Platform with Lari’s Remittances experience and network.
payMAX is the first Mobile Remittance Service between the Middle East and the Philippines’ GCash (Globe Telecom) mobile wallet. The alliance combines paybox’s Mobiliser Platform with Lari’s Remittances experience and network.
Australia To Create Remittances Website
(Australia Government website)
AusAID, the Australian Agency for International Development, wants to create a website that will lower the cost of remittance payments between Australia, New Zealand and nations within the South Pacific.
AusAID says that official remittances are worth at least US$400 million to the Pacific region and that it wants to help to lower the cost of those funds transfers via a simple and low-cost website.
AusAID, the Australian Agency for International Development, wants to create a website that will lower the cost of remittance payments between Australia, New Zealand and nations within the South Pacific.
AusAID says that official remittances are worth at least US$400 million to the Pacific region and that it wants to help to lower the cost of those funds transfers via a simple and low-cost website.
Philippines: Western Union, Globe tie up to launch remittance service
THE Western Union Company, Globe Telecom and its wholly-owned subsidiary, G-Xchange Inc., yesterday said they will join forces to introduce a cross-border mobile mo-ney transfer service supporting low-principal, high-frequency remittances.
Globe Telecom, a telecommunications provider, offers its GCash service with an “electronic wallet” feature that allows users to send and receive cash and make payments, including bill payments, donations and online purchases via texting.
Globe Telecom had more than 19 million subscribers as of the end of September 2007 and close to half a million active GCash users.
Globe Telecom, a telecommunications provider, offers its GCash service with an “electronic wallet” feature that allows users to send and receive cash and make payments, including bill payments, donations and online purchases via texting.
Globe Telecom had more than 19 million subscribers as of the end of September 2007 and close to half a million active GCash users.
Remit to India
NRI remittances touched the magic figure of USD 24.1 billion in 2005-2006, making India the largest recipient of personal money transfers in the world. Remittances and flow of funds from migrant workers to India is a key resource in its emerging economy. Remittances from NRIs and the deposits maintained by them form a generous component (about 23%) of our external reserves.
A working report by the RBI on the cost of NRI remittances in May 2006 found that money flows are determined by the economic health in the host country. The dollars poured in from the Middle East workers in the 1980s, but the source of remittances has now shifted to the West, mainly the USA. This shift in source, says the study, has also meant that growth potential for remittance flows has now moved to traditionally high cost economies which will affect cost of NRI remittances.
Currently, the Middle East contributes to 35% of total inward remittances, followed by 30 to 35% from North America, 20% from Europe, and 10% from other regions. The global remittance market is estimated at $110 billion, including India-bound remittances of almost $11 billion. [Read more]
A working report by the RBI on the cost of NRI remittances in May 2006 found that money flows are determined by the economic health in the host country. The dollars poured in from the Middle East workers in the 1980s, but the source of remittances has now shifted to the West, mainly the USA. This shift in source, says the study, has also meant that growth potential for remittance flows has now moved to traditionally high cost economies which will affect cost of NRI remittances.
Currently, the Middle East contributes to 35% of total inward remittances, followed by 30 to 35% from North America, 20% from Europe, and 10% from other regions. The global remittance market is estimated at $110 billion, including India-bound remittances of almost $11 billion. [Read more]
Monday, 4 February 2008
Remittances could exceed $7b in 2008 in Bangladesh
Says Western Union senior official
Refayet Ullah Mirdha
Remittances could exceed US$7.0 billion in 2008, according to Anil Kapur, Western Union (WU) Managing Director for South Asia, as the number of Bangladeshis working abroad increases.Speaking to The Daily Star on a recent visit to Dhaka, Kapur said another reason for the increase was the move to send money through official channels rather than via 'hundi', unofficial networks for transferring cash.
According to official statistics, the country received nearly $6.0 billion as remittance from non-resident Bangladeshis (NRBs) last year and the contribution of such remittance to the gross domestic product (GDP) crossed 13 percent. [Read more]
Refayet Ullah Mirdha
Remittances could exceed US$7.0 billion in 2008, according to Anil Kapur, Western Union (WU) Managing Director for South Asia, as the number of Bangladeshis working abroad increases.Speaking to The Daily Star on a recent visit to Dhaka, Kapur said another reason for the increase was the move to send money through official channels rather than via 'hundi', unofficial networks for transferring cash.
According to official statistics, the country received nearly $6.0 billion as remittance from non-resident Bangladeshis (NRBs) last year and the contribution of such remittance to the gross domestic product (GDP) crossed 13 percent. [Read more]
Saturday, 2 February 2008
Migrant Remittances: Revisited
Leila Rispens-Noel/MindaNews
Monday, 21 January 2008 20:32
GOUDA, The Netherlands (MindaNews/21 January) -- The World Bank began working on international migration and remittances issues with the publication of the Global Development Finance 2003. Chapter 7 was dedicated to remittances. The report captured an unprecedented interest from the financial sector, governments, and international organizations. Since then, migrant remittances had become a regular feature in many conferences and policy discussions on migration and development. In a way, remittances also effectively reversed the tone of the debates. Policy makers are now talking more about the positive contributions of migrants to development because of the money they send home.
Migrant remittances sent by an estimated 150 million migrants worldwide have been on top of policy agenda of the policy makers and became the subject of many studies and debates deliberately dissecting their positive and negative impact. Remittances in 2003 were estimated at US$ 200 billion, up from $155 billion in 2002.
[Read more]
Monday, 21 January 2008 20:32
GOUDA, The Netherlands (MindaNews/21 January) -- The World Bank began working on international migration and remittances issues with the publication of the Global Development Finance 2003. Chapter 7 was dedicated to remittances. The report captured an unprecedented interest from the financial sector, governments, and international organizations. Since then, migrant remittances had become a regular feature in many conferences and policy discussions on migration and development. In a way, remittances also effectively reversed the tone of the debates. Policy makers are now talking more about the positive contributions of migrants to development because of the money they send home.
Migrant remittances sent by an estimated 150 million migrants worldwide have been on top of policy agenda of the policy makers and became the subject of many studies and debates deliberately dissecting their positive and negative impact. Remittances in 2003 were estimated at US$ 200 billion, up from $155 billion in 2002.
[Read more]
Thursday, 31 January 2008
Western Union partners with Smart, Globe on OFW remittances
Western Union Co., the global leader in money transfer services, has tied up with the country’s two largest mobile phone companies - Globe Telecoms and Smart Communications -in a bid to capture a wider market of overseas Filipinos.
Smart and Western Union have agreed to develop a mobile money transfer service in the country that will make low-denomination, high-frequency remittances to the country’s more than eight million overseas Filipino workers (OFWs).
“This agreement is in line with Smart’s thrust to continuously develop low-cost and convenient mobile remittance channels and communications services for overseas Filipino workers," Napoleon Nazareno, president of Smart, explained. [Read more]
Smart and Western Union have agreed to develop a mobile money transfer service in the country that will make low-denomination, high-frequency remittances to the country’s more than eight million overseas Filipino workers (OFWs).
“This agreement is in line with Smart’s thrust to continuously develop low-cost and convenient mobile remittance channels and communications services for overseas Filipino workers," Napoleon Nazareno, president of Smart, explained. [Read more]
Thursday, 24 January 2008
Global Forum on Migration and Development 2008, Manila, Philippines
Ayala Foundation, Inc. spearheads the Civil Society Days of the 2nd Global Forum on Migration and Development
The Department of foreign Affairs (DFA) has designated the Ayala Foundation, Inc. (AFI) as the convenor of the Civil Society Days for the the second Global Forum on Migration and Development that will be held in Manila this October 2008.
In a simple ceremony held at the Ayala Museum on January 14, 2008, the DFA, represented by Undersecretary Esteban Conejos, and AFI, represented by its President, Ms. Vicky P. Garchitorena inked the partnership assigning the first two days of the Global Forum to civil society panel discussions and interaction with the following couple of days as the intergovernmental discussions with the DFA as convenor. The 2nd Global Forum on Migration and Development is scheduled for October 27-30 in Manila with international civil society representatives meeting on October 27-28 and government representatives meeting on October 29-30. An informal joint session is scheduled on October 28. Over 170 countries are expected to be represented at the Forum.
The signing ceremony was witnessed by Foreign Affairs Secretary Alberto Romulo, Ayala Corporation president Fernando Zobel de Ayala, and SGV founder Washington SyCip, who is also a member of the Philippine Organizing Committee for the GFMD. [Read more]
The Department of foreign Affairs (DFA) has designated the Ayala Foundation, Inc. (AFI) as the convenor of the Civil Society Days for the the second Global Forum on Migration and Development that will be held in Manila this October 2008.
In a simple ceremony held at the Ayala Museum on January 14, 2008, the DFA, represented by Undersecretary Esteban Conejos, and AFI, represented by its President, Ms. Vicky P. Garchitorena inked the partnership assigning the first two days of the Global Forum to civil society panel discussions and interaction with the following couple of days as the intergovernmental discussions with the DFA as convenor. The 2nd Global Forum on Migration and Development is scheduled for October 27-30 in Manila with international civil society representatives meeting on October 27-28 and government representatives meeting on October 29-30. An informal joint session is scheduled on October 28. Over 170 countries are expected to be represented at the Forum.
The signing ceremony was witnessed by Foreign Affairs Secretary Alberto Romulo, Ayala Corporation president Fernando Zobel de Ayala, and SGV founder Washington SyCip, who is also a member of the Philippine Organizing Committee for the GFMD. [Read more]
Send me a number
Jan 3rd 2008
From The Economist print edition
Migrants' remittances help ease poverty back home, but they are not a cure-all
SEVEN years into the century a remarkable figure was produced. Foreigners in America sent home $275m in a single year, a total not far short of the value of all the gold mined in America. They used 2,625 money agents to do so, mostly through grocers, bakers and other small immigrant shops. New York alone had 500, Chicago 75 and Pittsburgh 50. The New York Times gasped at the numbers a little later, in 1910, and noted that migrants were shunning bigger banks as “the Italian and the Magyar and the Croat and the Slovak [are] simple, ignorant foreigners”.
The sum of $275m in 1907 was $6.2 billion in today's money. That sounds a lot until you look at the current figures, which are probably in the region of $240 billion-300 billion. Neglected for some time by academics and policymakers, remittances have recently been rediscovered and have become the darling of many development experts. [Read more]
From The Economist print edition
Migrants' remittances help ease poverty back home, but they are not a cure-all
SEVEN years into the century a remarkable figure was produced. Foreigners in America sent home $275m in a single year, a total not far short of the value of all the gold mined in America. They used 2,625 money agents to do so, mostly through grocers, bakers and other small immigrant shops. New York alone had 500, Chicago 75 and Pittsburgh 50. The New York Times gasped at the numbers a little later, in 1910, and noted that migrants were shunning bigger banks as “the Italian and the Magyar and the Croat and the Slovak [are] simple, ignorant foreigners”.
The sum of $275m in 1907 was $6.2 billion in today's money. That sounds a lot until you look at the current figures, which are probably in the region of $240 billion-300 billion. Neglected for some time by academics and policymakers, remittances have recently been rediscovered and have become the darling of many development experts. [Read more]
Bangladesh: BRAC Bank, Merchantrade launch remittance services
BRAC Bank Limited and Merchantrade Asia Sdn Bhd (Merchantrade), a recognised remittance service provider in Malaysia, launched remittance services, especially for Bangladeshi migrant workforce in Malaysia recently.
BRAC Bank Probashi Banking Service Head Naushad Hussain and Merchantrade Managing Director (MD) Ramasamy Veeran were present at the agreement signing ceremony on behalf of their respective organisations, said a press release issued by the bank.
"BRAC Bank is considered one of the largest players in the remittance market of Bangladesh and the agreement with Merchantrade is another milestone to establish its goal," said Naushad.
[Read more]
BRAC Bank Probashi Banking Service Head Naushad Hussain and Merchantrade Managing Director (MD) Ramasamy Veeran were present at the agreement signing ceremony on behalf of their respective organisations, said a press release issued by the bank.
"BRAC Bank is considered one of the largest players in the remittance market of Bangladesh and the agreement with Merchantrade is another milestone to establish its goal," said Naushad.
[Read more]
Peso to hit 37.2:$ in 2008 as remittances pour in - HSBC
Investment lender HSBC said Thursday it expects the Philippine peso to surge to as high as P37.2 against the US dollar this year, due to strong foreign exchange inflows from overseas Filipinos and investments.
However HSBC said, the strong local currency will accompany a slowdown in the country's economic expansion. The lender said the Philippines' gross domestic product will only grow 5.9 percent in 2008, after expanding more than 7 percent in the first three quarters of 2007.
HSBC said average inflation for the year will be 4.1 percent.
[Read more]
However HSBC said, the strong local currency will accompany a slowdown in the country's economic expansion. The lender said the Philippines' gross domestic product will only grow 5.9 percent in 2008, after expanding more than 7 percent in the first three quarters of 2007.
HSBC said average inflation for the year will be 4.1 percent.
[Read more]
Sunday, 20 January 2008
Metropolis 2008, Bonn, Germany
Overview of the Conference
This conference will explore the inter-relationships between migration, immigrant integration, and development. The intent is to bring to the foreground issues that are often lost when we discuss these general topics in isolation from one another. In this way we hope to uncover new aspects of Metropolis' traditional areas of interest, new avenues for research, and areas for policy development that have been neglected in the past.
For societies seeking to attract immigrants, integration is of course an important consideration, and will be a key theme of the conference. What does integration mean and what does it entail? How do migration policies affect integration outcomes and policies? For example, if demographic imperatives are paramount, how might this affect a country's approach to integration? Conversely, if migration is seen primarily as a transitional and temporary solution to labour market problems, what implications does that have for integration policies? Or if it is apparent that migration has become more volatile and 'transnational', what does that mean for integration policies? Finally, how have integration policies addressed social and economic discrimination and other barriers to integration? Is there a need for a stronger link between integration and anti-discrimination activities? And is there a competing minority perspective within the prevalent discourse on immigrant integration? If so, how significant is it to the development of policy? [Read more]
This conference will explore the inter-relationships between migration, immigrant integration, and development. The intent is to bring to the foreground issues that are often lost when we discuss these general topics in isolation from one another. In this way we hope to uncover new aspects of Metropolis' traditional areas of interest, new avenues for research, and areas for policy development that have been neglected in the past.
For societies seeking to attract immigrants, integration is of course an important consideration, and will be a key theme of the conference. What does integration mean and what does it entail? How do migration policies affect integration outcomes and policies? For example, if demographic imperatives are paramount, how might this affect a country's approach to integration? Conversely, if migration is seen primarily as a transitional and temporary solution to labour market problems, what implications does that have for integration policies? Or if it is apparent that migration has become more volatile and 'transnational', what does that mean for integration policies? Finally, how have integration policies addressed social and economic discrimination and other barriers to integration? Is there a need for a stronger link between integration and anti-discrimination activities? And is there a competing minority perspective within the prevalent discourse on immigrant integration? If so, how significant is it to the development of policy? [Read more]
UAE and India postal authorities to launch money order service
Competition in the money transfer business is heating up after Emirates Post and India Post agreed to jointly launch a service that will deliver payments to customers’ doorsteps.
The alliance will offer an electronic money order service using the United Postal Union’s secure International Financial System (IFS) – a global network of 660,000 post offices.
The partners hope the scale of the operation will enable them to challenge Western Union Money Transfer, which dominates the remittance market globally.
India Post has a network of 155,333 post offices, the largest in the world, which covers the remotest corners of the country. [Read more]
The alliance will offer an electronic money order service using the United Postal Union’s secure International Financial System (IFS) – a global network of 660,000 post offices.
The partners hope the scale of the operation will enable them to challenge Western Union Money Transfer, which dominates the remittance market globally.
India Post has a network of 155,333 post offices, the largest in the world, which covers the remotest corners of the country. [Read more]
Remittances Into Vietnam +21.7% To Record $5.6 Billion-Report
ri, Jan 18 2008, 05:39 GMT
Remittances Into Vietnam +21.7% To Record $5.6 Billion-Report HANOI -(Dow Jones)-
Vietnamese living and working overseas repatriated a record $5.6 billion in remittances last year, up 21.7%, state media said Friday, citing a government official.
"Total remittances were up by more than $1 billion from 2006," the Tuoi Tre (Youth) newspaper quoted Nguyen Thanh Son, director of Vietnam's State Committee for Overseas Vietnamese, as saying. Son said overseas Vietnamese, known as Vietkieus, have invested about $2 billion in 3,000 projects in the country. [Read more]
Remittances Into Vietnam +21.7% To Record $5.6 Billion-Report HANOI -(Dow Jones)-
Vietnamese living and working overseas repatriated a record $5.6 billion in remittances last year, up 21.7%, state media said Friday, citing a government official.
"Total remittances were up by more than $1 billion from 2006," the Tuoi Tre (Youth) newspaper quoted Nguyen Thanh Son, director of Vietnam's State Committee for Overseas Vietnamese, as saying. Son said overseas Vietnamese, known as Vietkieus, have invested about $2 billion in 3,000 projects in the country. [Read more]
Dominican Republic’s remittances reach a record US$2.B in 2007
ANTO DOMINGO.- In 2007 money remittances to the Domincan Republic reached US$2.980 million, a record in the 10 years since the figures have been registered.
With a population of some 9 million and with 14 percent living abroad- around 1.5 million according to an Immigration Department estimate- to establish a remittances business in Dominican Republic should be a true "hit," though in the last few years "this work is in frank decay," said Dominican Currency Remittance Companies Association (Aderedi) president Freddy Ortiz. [Read more]
With a population of some 9 million and with 14 percent living abroad- around 1.5 million according to an Immigration Department estimate- to establish a remittances business in Dominican Republic should be a true "hit," though in the last few years "this work is in frank decay," said Dominican Currency Remittance Companies Association (Aderedi) president Freddy Ortiz. [Read more]
RP to seek better remittance system at Davos meet -- DFA
y Veronica UyINQUIRER.netFirst Posted 17:15:00 01/15/2008
MANILA, Philippines -- The country will seek a better system of managing remittances for its eight million overseas Filipino workers on the sideline of the upcoming World Economic Forum (WEF) in Davos, Switzerland, Foreign Affairs Secretary Alberto Romulo said Tuesday.
In his departure statement, Romulo said that as the world's number one supplier of manpower, the Philippines will raise the issue of migrant workers' protection during the dialogue session of the Community of the West and Islam on Migration and Remittances.
"We have more than eight million Filipino overseas who contribute to the development of our nation and host states. As a function of international migration, we can gain valuable insight and greater understanding of remittances as a development tool," said Romulo, who left for Europe Monday night. [Read more]
MANILA, Philippines -- The country will seek a better system of managing remittances for its eight million overseas Filipino workers on the sideline of the upcoming World Economic Forum (WEF) in Davos, Switzerland, Foreign Affairs Secretary Alberto Romulo said Tuesday.
In his departure statement, Romulo said that as the world's number one supplier of manpower, the Philippines will raise the issue of migrant workers' protection during the dialogue session of the Community of the West and Islam on Migration and Remittances.
"We have more than eight million Filipino overseas who contribute to the development of our nation and host states. As a function of international migration, we can gain valuable insight and greater understanding of remittances as a development tool," said Romulo, who left for Europe Monday night. [Read more]
Remittances from OFWs in UAE drop 40.3% in Nov
Apparently because of the boycott called by overseas Filipino workers in the first week of November, remittances from the United Arab Emirates dropped by 40.3 percent to $27.85 million, from $46.7 million in November.
Quoting a source from the Dubai foreign exchange center, Khaleej Times reported on Sunday that the decrease in the month remittances was unusual considering that it was already the start of preparations for the Christmas holidays.The report said the drop was also because of the continued appreciation of the dirham against the US dollars. [Read more]
Quoting a source from the Dubai foreign exchange center, Khaleej Times reported on Sunday that the decrease in the month remittances was unusual considering that it was already the start of preparations for the Christmas holidays.The report said the drop was also because of the continued appreciation of the dirham against the US dollars. [Read more]
Friday, 18 January 2008
Guidebook helps banks tap into booming immigrant remittance market
The millions of immigrants who send money to relatives back home, be it India or El Salvador, are part of a potentially huge new market for banks.
Immigrants who lack bank accounts are both targeted by thieves as "walking ATM machines" for the large amounts of cash they carry and at the mercy of money transfer companies, which often charge usurious fees. But a nonprofit group seeking to level the playing field for "unbanked" immigrants issued a guide today to help banks and other financial institutions tap into the booming remittance market.
The guide, "Banking in a Global Market," released by the Washington-based Appleseed Network, helps explain to banks and credit unions the reasons many immigrants don't use banks, compares various models some banks currently employ, including partnering with a money transfer operator and offering dual ATM cards, and offers a step-by-step guide for how to set up a remittance program. [Read more]
Immigrants who lack bank accounts are both targeted by thieves as "walking ATM machines" for the large amounts of cash they carry and at the mercy of money transfer companies, which often charge usurious fees. But a nonprofit group seeking to level the playing field for "unbanked" immigrants issued a guide today to help banks and other financial institutions tap into the booming remittance market.
The guide, "Banking in a Global Market," released by the Washington-based Appleseed Network, helps explain to banks and credit unions the reasons many immigrants don't use banks, compares various models some banks currently employ, including partnering with a money transfer operator and offering dual ATM cards, and offers a step-by-step guide for how to set up a remittance program. [Read more]
India: PIO remittance to surpass $40 billion-mark in 2008-09
New Delhi, Jan 13 It’s not the foreign stock market investors alone pumping in billions of dollars into India —the total remittance from persons of India origin living abroad coming into the country is expected to be a whopping $ 40 billion in the current fiscal ending in March.This would represent a four-fold surge from just about $ 10 billion in the fiscal year 1997-98.
According to data compiled by research and analytics firm Evalueserve, remittance from PIOs has been steadily rising in the last ten years, primarily due to liberalisation of the country’s Economy. The figure stood at $ 10 billion in 1997-98 and rose to about $ 27 billion in fiscal year 2006-07, ended in March 2007. [Read more]
According to data compiled by research and analytics firm Evalueserve, remittance from PIOs has been steadily rising in the last ten years, primarily due to liberalisation of the country’s Economy. The figure stood at $ 10 billion in 1997-98 and rose to about $ 27 billion in fiscal year 2006-07, ended in March 2007. [Read more]
India: Remittances to India under strict scrutiny
by VM Sathish on Thursday,January 3,2008
Exchange 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.
Salim Gangadharan, chief general manager of the RBI Foreign Exchange Department, asked exchange companies in the Gulf to make sure their accounts are not used for commercial purposes or to remit money for trading purposes. [Read more]
Exchange 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.
Salim Gangadharan, chief general manager of the RBI Foreign Exchange Department, asked exchange companies in the Gulf to make sure their accounts are not used for commercial purposes or to remit money for trading purposes. [Read more]
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