Sunday, December 14, 2008
The dramatic fall in the Jamaican dollar against the US dollar over the last few months has brought fear among the business community that the dollar will continue to fall precipitously.
JN Fund manager general manager Keith Senior
But at least one analyst, JN Fund Managers general manager Keith Senior, believes the fears are misplaced.
Between September and October the local currency lost approximately five per cent of its value relative to the US currency. Senior was of the view that this rapid slide was not justified once a careful analysis of the country's foreign exchange position is undertaken. Read more
Monday, 15 December 2008
VIETNAM: Remittances On The Rise
Posted by Danny Lee in News (Saturday December 13, 2008 at 8:25 pm)
Despite the negative impacts of the global economic crisis, remittances from overseas to HCM City this year have increased steadily. In the past 11 months, they have reached US$4.5 billion, said Ho Huu Hanh, director of the State Bank of Vietnam’s HCM City branch.
The $4.5 billion was sent through the banking system, and the World Bank estimates Viet Nam will receive $5.5 billion by the end of the year.
Hanh attributed the increased inflow to the fact that the interest rate for US dollars held in Vietnamese banks is higher than in the US. Read more
Despite the negative impacts of the global economic crisis, remittances from overseas to HCM City this year have increased steadily. In the past 11 months, they have reached US$4.5 billion, said Ho Huu Hanh, director of the State Bank of Vietnam’s HCM City branch.
The $4.5 billion was sent through the banking system, and the World Bank estimates Viet Nam will receive $5.5 billion by the end of the year.
Hanh attributed the increased inflow to the fact that the interest rate for US dollars held in Vietnamese banks is higher than in the US. Read more
Philippines falling behind India, China in race for remittances
Mumbai: Sonny del Pilar tried for eight years to get work as a sailor so he could join the Philippines’ 8.7 million overseas workers, sending money to his brother’s family of nine rather than living with them in a Manila slum.
Around 1,200 Filipinos have lost jobs overseas this year and as many as 50,000 more may be laid off next year.
The 33-year-old gave up this year and set up a small shop in front of his house selling stuffed toys. He says competition from Indians, Bangladeshis and Syrians is making it harder for Filipinos to find jobs as seamen.
“I work not just for myself but for my family and my siblings,” del Pilar said in Manila. “I don’t know if I can still find work abroad. It depends on God’s will.”
The Philippines, which, for four decades has sent what the government called modern heroes to work overseas, is facing the first decline in remittances in eight years. A global recession is reducing job opportunities abroad just as a surge in cheaper labour from China, India and elsewhere ramps up competition. That’s threatening revenue that accounts for more than one-tenth of the Philippines’ $144 billion (around Rs7 trillion) economy. Read more
Around 1,200 Filipinos have lost jobs overseas this year and as many as 50,000 more may be laid off next year.
The 33-year-old gave up this year and set up a small shop in front of his house selling stuffed toys. He says competition from Indians, Bangladeshis and Syrians is making it harder for Filipinos to find jobs as seamen.
“I work not just for myself but for my family and my siblings,” del Pilar said in Manila. “I don’t know if I can still find work abroad. It depends on God’s will.”
The Philippines, which, for four decades has sent what the government called modern heroes to work overseas, is facing the first decline in remittances in eight years. A global recession is reducing job opportunities abroad just as a surge in cheaper labour from China, India and elsewhere ramps up competition. That’s threatening revenue that accounts for more than one-tenth of the Philippines’ $144 billion (around Rs7 trillion) economy. Read more
MEXICO: Strong dollar means Mexico migrants send more home
By MARIA GALLUCCI
The Associated Press
Sunday, December 14, 2008
MEXICO CITY — Victoria Servin shows off her new pair of black leather boots, a splurge for the 21-year-old student who lives alone in an aging, one-room apartment.
Servin survives on the $1,000 a month her mother, a nurse in Phoenix, sends her to pay tuition, rent, food and bus fare. But as the peso slips to historic lows, the U.S. dollar is going much further in Mexico City - giving her more cash than she has ever had before.
"There's a huge difference now when my mom sends the same amount as she used to," she said with a smile.
The U.S. dollar has gained 34 percent against the peso since Aug. 1 as investors shed developing world assets and fled to the relative safety of the greenback. That stronger dollar means money sent home buys much more in Mexico - a wage hike of sorts for the relatives of migrants lucky enough to still find jobs in the U.S. or for migrants using U.S. earnings to buy property back in Mexico. Read more
The Associated Press
Sunday, December 14, 2008
MEXICO CITY — Victoria Servin shows off her new pair of black leather boots, a splurge for the 21-year-old student who lives alone in an aging, one-room apartment.
Servin survives on the $1,000 a month her mother, a nurse in Phoenix, sends her to pay tuition, rent, food and bus fare. But as the peso slips to historic lows, the U.S. dollar is going much further in Mexico City - giving her more cash than she has ever had before.
"There's a huge difference now when my mom sends the same amount as she used to," she said with a smile.
The U.S. dollar has gained 34 percent against the peso since Aug. 1 as investors shed developing world assets and fled to the relative safety of the greenback. That stronger dollar means money sent home buys much more in Mexico - a wage hike of sorts for the relatives of migrants lucky enough to still find jobs in the U.S. or for migrants using U.S. earnings to buy property back in Mexico. Read more
PAKISTAN: Remittances rise by 15pc to $2.967b during July-Nov FY09
Source: OUR STAFF REPORTER submitted 1 day 4 hours ago
The inflow of remittances in the July-November, 2008 period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $767.12 million, $600.25 million, $534.25 million, $496.21 million, $188.95 million and $81.02 million respectively as compared to $733.76 million, $481.81 million, $423.00 million, $380.00 million, $197.41 million and $76.09 million respectively in the July-November, 2007 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first five months of the current fiscal year 2008-09 amounted to $298.39m as against $294.03m in the same period last year.
The monthly average remittances for the period July-November, 2008 comes out to $593.30 million as compared to $517.41 million during the same corresponding period of the last fiscal year, registering an increase of 14.67 percent.
During last month i.e. November 2008 remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $146.16 million, $140.19 million, $105.45 million, $100.74 million, $39.18 million and $15.87 million respectively during November, 2008 as compared to $88.18 million, $142.95 million, $90.90 million, $77.86 million, $32.91 million and $15.41m in November 2007. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November 2008 amounted to $72.77m.
Read more
The inflow of remittances in the July-November, 2008 period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $767.12 million, $600.25 million, $534.25 million, $496.21 million, $188.95 million and $81.02 million respectively as compared to $733.76 million, $481.81 million, $423.00 million, $380.00 million, $197.41 million and $76.09 million respectively in the July-November, 2007 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first five months of the current fiscal year 2008-09 amounted to $298.39m as against $294.03m in the same period last year.
The monthly average remittances for the period July-November, 2008 comes out to $593.30 million as compared to $517.41 million during the same corresponding period of the last fiscal year, registering an increase of 14.67 percent.
During last month i.e. November 2008 remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $146.16 million, $140.19 million, $105.45 million, $100.74 million, $39.18 million and $15.87 million respectively during November, 2008 as compared to $88.18 million, $142.95 million, $90.90 million, $77.86 million, $32.91 million and $15.41m in November 2007. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November 2008 amounted to $72.77m.
Read more
INDIA: Outward remittances on the rise: RBI
There has been a sharp rise in the outward remittances by resident individuals over the last couple of years, according to the data available with the Reserve Bank of India (RBI).
The outward remittances for different reasons such as buying shares, property in a foreign country, making deposits or donations as also education and tours and travels overseas stood at $431 million in the first six months of the current financial year against $440.5 million during the whole 2007-08, the RBI data revealed.
The Reserve Bank had introduced 'Liberalised Remittance Scheme' in February 2004 to facilitate resident individuals to freely remit up to $25,000 per calender year.
Subsequently, the apex bank, in phases, increased the amount that could be remitted. Presently, individuals are allowed to remit upto $2,00,000 per financial year for any permitted current or capital account transactions.
The response to the scheme in the initial years was poor with only $9.6 million remitted during 2004-05 and $25 million remitted during 2005-06. The remittances went up marginally to $72.8 million in 2006-07 and sharply higher at $440.5 million in 2007-08. Read more
The outward remittances for different reasons such as buying shares, property in a foreign country, making deposits or donations as also education and tours and travels overseas stood at $431 million in the first six months of the current financial year against $440.5 million during the whole 2007-08, the RBI data revealed.
The Reserve Bank had introduced 'Liberalised Remittance Scheme' in February 2004 to facilitate resident individuals to freely remit up to $25,000 per calender year.
Subsequently, the apex bank, in phases, increased the amount that could be remitted. Presently, individuals are allowed to remit upto $2,00,000 per financial year for any permitted current or capital account transactions.
The response to the scheme in the initial years was poor with only $9.6 million remitted during 2004-05 and $25 million remitted during 2005-06. The remittances went up marginally to $72.8 million in 2006-07 and sharply higher at $440.5 million in 2007-08. Read more
PAKISTAN: July-Nov remittances increase by 15 per cent
KARACHI, Dec 13: Remittances sent by the overseas Pakistanis continued to show a rising trend as an amount of $2,966.51 million was received in the first five months (July-November) of the current fiscal year 2008-09, showing an increase of $379.44 million or 14.67 per cent over the same period of the last fiscal year.
According to an SBP statement, the amount of $2,966.51 million includes $0.32 million received through encashment and profit earned on Foreign Exchange Bearer Certificates and Foreign Currency Bearer Certificates.
In November, an amount of $620.52 million was sent home by overseas Pakistanis which is the second-highest amount received in the current fiscal year. In July, an amount of $627.21 million was received as workers remittances. Read more
According to an SBP statement, the amount of $2,966.51 million includes $0.32 million received through encashment and profit earned on Foreign Exchange Bearer Certificates and Foreign Currency Bearer Certificates.
In November, an amount of $620.52 million was sent home by overseas Pakistanis which is the second-highest amount received in the current fiscal year. In July, an amount of $627.21 million was received as workers remittances. Read more
Wednesday, 10 December 2008
Economic crisis will affect workers remittances to India, Bangladesh
ashington, Dec 8 (ANI): The global economic crisis will cause a sharp drop next year in worker remittances -- a major source of income for developing countries like India, Bangladesh, Mexico and Philippines, labour specialists have said.
Ryszard Cholewinski, a labor specialist at the International Organization for Migration (IOM), said the fall will heavily affect countries including Mexico, India, Bangladesh and the Philippines.
The flow of remittances to developing nations - currently about 283 billion doolar could decline by up to 9 percent because of the global slowdown; The Washington Times quoted him, as saying. Read more
Ryszard Cholewinski, a labor specialist at the International Organization for Migration (IOM), said the fall will heavily affect countries including Mexico, India, Bangladesh and the Philippines.
The flow of remittances to developing nations - currently about 283 billion doolar could decline by up to 9 percent because of the global slowdown; The Washington Times quoted him, as saying. Read more
Philippine Nannies Lose to Indians in Remittance Race (Update1)
By Karl Lester M. Yap
Dec. 10 (Bloomberg) -- Sonny del Pilar tried for eight years to get work as a sailor so he could join the Philippines' 8.7 million overseas workers, sending money to his brother's family of nine rather than living with them in a Manila slum.
The 33-year-old gave up this year and set up a small shop in front of his house selling stuffed toys. He says competition from Indians, Bangladeshis and Syrians is making it harder for Filipinos to find jobs as seamen.
“I work not just for myself but for my family and my siblings,” del Pilar said in Manila. “I don't know if I can still find work abroad. It depends on God's will.”
The Philippines, which for four decades has sent what the government called “modern heroes” to work overseas, is facing the first decline in remittances in eight years. A global recession is reducing job opportunities abroad just as a surge in cheaper labor from China, India and elsewhere ramps up competition. That's threatening revenue that accounts for more than a tenth of the Philippines' $144-billion economy. Read more
Dec. 10 (Bloomberg) -- Sonny del Pilar tried for eight years to get work as a sailor so he could join the Philippines' 8.7 million overseas workers, sending money to his brother's family of nine rather than living with them in a Manila slum.
The 33-year-old gave up this year and set up a small shop in front of his house selling stuffed toys. He says competition from Indians, Bangladeshis and Syrians is making it harder for Filipinos to find jobs as seamen.
“I work not just for myself but for my family and my siblings,” del Pilar said in Manila. “I don't know if I can still find work abroad. It depends on God's will.”
The Philippines, which for four decades has sent what the government called “modern heroes” to work overseas, is facing the first decline in remittances in eight years. A global recession is reducing job opportunities abroad just as a surge in cheaper labor from China, India and elsewhere ramps up competition. That's threatening revenue that accounts for more than a tenth of the Philippines' $144-billion economy. Read more
NEW ZEALAND:Dual-card scheme reduces cost of sending remittances
A campaign by the New Zealand government to put pressure on banks and financial institutions to reduce the cost of sending remittances to the Pacific is meeting some success. That's the claim from the country's Ministry of Pacific Island Affairs. The Ministry's Chief Executive Officer, Doctor Colin Tukuitonga, says the introduction of a scheme where cash deposited in a New Zealand bank account can be accessed through automatic teller machines in the Pacific will see the cost reduced to less than five per cent.
presenter: Bruce Hill.
Speaker: New Zealand Ministry of Pacific Island Affairs CEO, Dr Colin Tukuitonga.
Source
presenter: Bruce Hill.
Speaker: New Zealand Ministry of Pacific Island Affairs CEO, Dr Colin Tukuitonga.
Source
PHILIPPINES: Philippine c.bank sees remittance growth slowing
09-DEC-2008 Intellasia | Reuters
Dec 9, 2008 - 7:00:00 AM
Growth in remittances from the Philippines' overseas-based workers, a key driver of consumer spending, may ease to as low as 6% in 2009 from 10-11% this year as the global economic crisis bites, documents from the central bank showed on Sunday.
The remittances, about a tenth of the Southeast Asian nation's gross domestic product, are estimated to grow between 6 and 10% in 2009 from a projected US$16 billion this year, according to preliminary estimates from the central bank.
The central bank had forecast remittances, sent through banks, to rise up to 11% this year from US$14.45 billion in 2007. Including those through informal channels, remittances could reach as much as US$16.6 billion in 2008, according to the documents. Read more
Dec 9, 2008 - 7:00:00 AM
Growth in remittances from the Philippines' overseas-based workers, a key driver of consumer spending, may ease to as low as 6% in 2009 from 10-11% this year as the global economic crisis bites, documents from the central bank showed on Sunday.
The remittances, about a tenth of the Southeast Asian nation's gross domestic product, are estimated to grow between 6 and 10% in 2009 from a projected US$16 billion this year, according to preliminary estimates from the central bank.
The central bank had forecast remittances, sent through banks, to rise up to 11% this year from US$14.45 billion in 2007. Including those through informal channels, remittances could reach as much as US$16.6 billion in 2008, according to the documents. Read more
KENYA: Western Union Testing Kenyan Mobile Transfers
Western Union Co. is testing a service that lets people in the United Kingdom send funds directly to mobile phone users in Kenya.
The service, announced Monday, is not Western Union's first mobile remittance effort — it began working this year with mobile network operators in the Philippines, a major remittance receiving market — but the project is Western Union's first with Vodafone Group PLC, the world's largest telecommunication company.
Matt Dill, a senior vice president and the head of Western Union Digital Ventures, said the Englewood, Colo., parent company plans to focus on top network operators worldwide, major remittance corridors, and "mobile hot spots" for its money transfer services. Read more
The service, announced Monday, is not Western Union's first mobile remittance effort — it began working this year with mobile network operators in the Philippines, a major remittance receiving market — but the project is Western Union's first with Vodafone Group PLC, the world's largest telecommunication company.
Matt Dill, a senior vice president and the head of Western Union Digital Ventures, said the Englewood, Colo., parent company plans to focus on top network operators worldwide, major remittance corridors, and "mobile hot spots" for its money transfer services. Read more
GULF COUNTRIES: Gulf remittances could decline 9%
By Natasha Marrian, Staff Reporter
Published: December 09, 2008, 23:38
Dubai: Remittances from the Gulf Cooperation Council (GCC) countries are expected to fall nine per cent next year compared to an increase of 38 per cent in 2008, according to a report by the World Bank.
Money from the GCC accounted for 63 per cent of total foreign remittances received by Bangladesh this year, and the percentage was 52 per cent for Pakistan.
UAE-based money transfer companies told Gulf News they expect a slowdown in funds being sent by expatriate workers to their home countries, but ruled out a dramatic reduction. Read More
Published: December 09, 2008, 23:38
Dubai: Remittances from the Gulf Cooperation Council (GCC) countries are expected to fall nine per cent next year compared to an increase of 38 per cent in 2008, according to a report by the World Bank.
Money from the GCC accounted for 63 per cent of total foreign remittances received by Bangladesh this year, and the percentage was 52 per cent for Pakistan.
UAE-based money transfer companies told Gulf News they expect a slowdown in funds being sent by expatriate workers to their home countries, but ruled out a dramatic reduction. Read More
India: Minimising the impact on remittances
Amarendu Nandy & Mukul G Asher
Indications are that the ongoing global financial and economic crisis is likely to be, as Prime Minister Manmohan Singh has said, “prolonged and severe.”
The current consensus is that the global growth in 2009 will be near zero; and many countries with over-reliance on external sector, particularly in East Asia, may experience negative growth.
The growth prospects in 2010 are also not encouraging. India’s growth rate estimates for 2008 and 2009 range from 5.5% to 7% with downside risk. This is much lower than the 8.8% annual growth the economy has seen over the past four years.
India is also not expected to reach the merchandise export target of $200 billion for 2008-09, and the next year will be even more challenging. Read more
Indications are that the ongoing global financial and economic crisis is likely to be, as Prime Minister Manmohan Singh has said, “prolonged and severe.”
The current consensus is that the global growth in 2009 will be near zero; and many countries with over-reliance on external sector, particularly in East Asia, may experience negative growth.
The growth prospects in 2010 are also not encouraging. India’s growth rate estimates for 2008 and 2009 range from 5.5% to 7% with downside risk. This is much lower than the 8.8% annual growth the economy has seen over the past four years.
India is also not expected to reach the merchandise export target of $200 billion for 2008-09, and the next year will be even more challenging. Read more
Afghan Remittances From Iran Total $500M Annually
Monday, 8 December 2008, 12:03 pm
Press Release: United Nations
Afghan Remittances From Iran Total $500 Million Annually, Says UN Report
Afghans working in Iran send home some $500 million annually, equivalent to 6 per cent of Afghanistan's gross domestic product (GDP), according to a new study commissioned by the United Nations High Commissioner for Refugees (UNHCR) and the International Labour Organization (ILO).
Most Afghans working in Iran are doing so illegally, with some 360,000 of them having been deported last year, said the new report, which examines the migration of Afghans under irregular conditions and for employment purposes to Iran. Read more
Press Release: United Nations
Afghan Remittances From Iran Total $500 Million Annually, Says UN Report
Afghans working in Iran send home some $500 million annually, equivalent to 6 per cent of Afghanistan's gross domestic product (GDP), according to a new study commissioned by the United Nations High Commissioner for Refugees (UNHCR) and the International Labour Organization (ILO).
Most Afghans working in Iran are doing so illegally, with some 360,000 of them having been deported last year, said the new report, which examines the migration of Afghans under irregular conditions and for employment purposes to Iran. Read more
Tuesday, 25 November 2008
Mexican Remittances Fall As U.S. Jobs Are Slashed
by Jason Beaubien
All Things Considered, November 25, 2008 · Mexicans working in the U.S. are being hit hard by the economic slowdown, and that is hurting their homeland.
Remittances are Mexico's second-largest source of foreign currency after oil exports, and the Mexican central bank reports these funds are drying up rapidly. In addition, hundreds of thousands of Mexicans are expected to return home in the coming months to villages with few job prospects. [Read more]
All Things Considered, November 25, 2008 · Mexicans working in the U.S. are being hit hard by the economic slowdown, and that is hurting their homeland.
Remittances are Mexico's second-largest source of foreign currency after oil exports, and the Mexican central bank reports these funds are drying up rapidly. In addition, hundreds of thousands of Mexicans are expected to return home in the coming months to villages with few job prospects. [Read more]
Friday, 21 November 2008
Cost of sending remittances from NZ to Tonga falls
Sending money back to family members has just become a little cheaper for Tongans living in New Zealand. Western Union is dropping the cost of sending remittances to seven US dollars per transaction, and crediting customers six minutes of time on phone calls to Tonga. The Tongan community in New Zealand has welcomed the move, but says the cost is still relatively high and the current economic uncertainty is forcing many people to keep their money right where it is. Source
ALGERIA: Migrants and investors’ remittances to Algeria worth 3 billion dollars : World Bank
The volume of remittances by Algerian migrants residing in many countires of the world especially European ones reached 2.9 billion dollars during the first six months of this year, the World Bank said.
In a study recently prepared, the World Bank noted that there is a big rise in the volume of Algerian migrants’ remittances compared to the last year.
Remittences also included a number of investors who made significant financial transfers within investment projects. The value of these remittances were determined through those made by migrants across various ports and airports, in addition to transfers that take place through financial institutions, including “ Western Union”.
For the first time, according to the world bank, these transfers have known a huge rise in Algeria compared to the last years. They did not excceed one billion $ annually unlike neibouring countries such as Tunisia and Morocco. Source
In a study recently prepared, the World Bank noted that there is a big rise in the volume of Algerian migrants’ remittances compared to the last year.
Remittences also included a number of investors who made significant financial transfers within investment projects. The value of these remittances were determined through those made by migrants across various ports and airports, in addition to transfers that take place through financial institutions, including “ Western Union”.
For the first time, according to the world bank, these transfers have known a huge rise in Algeria compared to the last years. They did not excceed one billion $ annually unlike neibouring countries such as Tunisia and Morocco. Source
UNCTAD Chief Predicts Drop in Remittances to Developing Countries
Migrant remittances to developing countries are likely to drop next year thanks to the global economic crisis, the head of the UN’s trade and development branch said last week.
“It is thus clear that the idea that developing countries would somehow be ‘de-coupled’ from the crisis is a myth,” Supachai Panitchpakdi told an executive session of UNCTAD’s trade and development board.
Money sent home from migrants working abroad is a major source of external financing for many developing and emerging economies. Indians send home US$ 27 billion each year, according to World Bank figures, while China and Mexico each see an inflow of roughly US$ 25 billion annually from their citizens working abroad. [Read more]
“It is thus clear that the idea that developing countries would somehow be ‘de-coupled’ from the crisis is a myth,” Supachai Panitchpakdi told an executive session of UNCTAD’s trade and development board.
Money sent home from migrants working abroad is a major source of external financing for many developing and emerging economies. Indians send home US$ 27 billion each year, according to World Bank figures, while China and Mexico each see an inflow of roughly US$ 25 billion annually from their citizens working abroad. [Read more]
Burma: Remittances take a hit, as Singapore's economy slumps
by John Moe
Monday, 17 November 2008 18:34
Singapore (Mizzima): Over recent years, millions of Singapore dollars have found their way to Burma through the Burmese remittance system, the nexus of the operation being run out of shops and human resources agencies in the heartland of the Lion City.
However, owing to the global financial crisis that burst upon the international stage this September, the Singapore-Burmese remittance link has suffered. With Singapore officially announcing in October that it is in a state of recession, Burmese working, or hoping to find work in the city, have found the going increasingly difficult.
A businessman from Peninsula Plaza, wishing to remain anonymous, told Mizzima, "Business has been affected and worse times are yet to come, the effect is huge for Burmese exporters, especially for those regularly trading with Singapore in rubber, gems, woods and agricultural products." [Read more]
Monday, 17 November 2008 18:34
Singapore (Mizzima): Over recent years, millions of Singapore dollars have found their way to Burma through the Burmese remittance system, the nexus of the operation being run out of shops and human resources agencies in the heartland of the Lion City.
However, owing to the global financial crisis that burst upon the international stage this September, the Singapore-Burmese remittance link has suffered. With Singapore officially announcing in October that it is in a state of recession, Burmese working, or hoping to find work in the city, have found the going increasingly difficult.
A businessman from Peninsula Plaza, wishing to remain anonymous, told Mizzima, "Business has been affected and worse times are yet to come, the effect is huge for Burmese exporters, especially for those regularly trading with Singapore in rubber, gems, woods and agricultural products." [Read more]
CONFERENCE:IFAD International Forum on Remittances 2009
Announcement
The International Fund for Agricultural Development (IFAD) and the Inter-American Dialogue (IAD), in collaboration with and the African Development Bank (AfDB) and the Inter-American Development Bank (IAD) are pleased to organize the 2009 International Forum on Remittances to be held in Nairobi, Kenya on 19-20 March 2009 . This year’s forum will mainly focus on remittances to and within the African continent. The objective of the forum is to raise awareness among different stakeholders in the remittance market and highlight the potential benefits that remittances can bring to the social and economic development of the African continent. To register please complete the online registration. Registration is free of charge.
Remittances, business models and technology fair will run parallel to the Forum to allow private-sector entities and other stakeholders to exhibit their products and services. The fair will serve as an opportunity to interact with other key players in the remittance market, involving the public, private, and civil society sectors. For more information and registration please contact: remittances@ifad.org
[Read more]
The International Fund for Agricultural Development (IFAD) and the Inter-American Dialogue (IAD), in collaboration with and the African Development Bank (AfDB) and the Inter-American Development Bank (IAD) are pleased to organize the 2009 International Forum on Remittances to be held in Nairobi, Kenya on 19-20 March 2009 . This year’s forum will mainly focus on remittances to and within the African continent. The objective of the forum is to raise awareness among different stakeholders in the remittance market and highlight the potential benefits that remittances can bring to the social and economic development of the African continent. To register please complete the online registration. Registration is free of charge.
Remittances, business models and technology fair will run parallel to the Forum to allow private-sector entities and other stakeholders to exhibit their products and services. The fair will serve as an opportunity to interact with other key players in the remittance market, involving the public, private, and civil society sectors. For more information and registration please contact: remittances@ifad.org
[Read more]
Moldova – a leader by share of remittances in GDP
Moldova ranks second in the list of the top recipients in terms of the share of remittances in GDP among developing countries with a share of 38.3% in 2007. It is outstripped by Tajikistan with a 45.5% share, according to the World Bank’s Migration and Remittances Factbook 2008.
Tonga comes next with a share of 35.1%. It is followed by Lesotho with 28.7% and Honduras with 24.5%. [Read more]
Tonga comes next with a share of 35.1%. It is followed by Lesotho with 28.7% and Honduras with 24.5%. [Read more]
WEST AFRICA: Remittances set to fall in 2009
11 Nov 2008 17:37:38 GMT
Source: IRIN
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.
DAKAR, 11 November 2008 (IRIN) - For the first time in over a decade remittances to sub-Saharan Africa are set to fall in 2009, increasing people's vulnerability to poverty, officials at the World Bank say.
The World Bank's latest migration and development brief, published on 11 November, says remittance income in developing countries will decline by about 1 percent from 2008 to 2009.
Dilip Ratha, lead economist and manager of the migration and remittances team at the World Bank, told IRIN the drop could be far sharper. "A worst-case scenario would bring them down by as much as 6 percent." [Read more]
Source: IRIN
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.
DAKAR, 11 November 2008 (IRIN) - For the first time in over a decade remittances to sub-Saharan Africa are set to fall in 2009, increasing people's vulnerability to poverty, officials at the World Bank say.
The World Bank's latest migration and development brief, published on 11 November, says remittance income in developing countries will decline by about 1 percent from 2008 to 2009.
Dilip Ratha, lead economist and manager of the migration and remittances team at the World Bank, told IRIN the drop could be far sharper. "A worst-case scenario would bring them down by as much as 6 percent." [Read more]
BANGLADESH: Global financial crunch set to cut remittances
DHAKA, 21 November 2008 (IRIN) - Millions of Bangladeshis will be hit by an expected downturn in remittances because of the global financial crisis, experts warn.
Some five million Bangladeshis work abroad, mostly in the Middle East, in healthcare, engineering, domestic service and manual labour.
“We won’t feel the blow of the cut in overseas employment immediately, but after two to three years remittances will definitely dry up if no major changes take place,” Syed Ashraf Ali, former executive director of the Bangladesh Bank, in Dhaka said.
Although foreign workers make up just 2.8 percent of the population, they contribute more than 9 percent of gross domestic product (GDP). [Read more]
Some five million Bangladeshis work abroad, mostly in the Middle East, in healthcare, engineering, domestic service and manual labour.
“We won’t feel the blow of the cut in overseas employment immediately, but after two to three years remittances will definitely dry up if no major changes take place,” Syed Ashraf Ali, former executive director of the Bangladesh Bank, in Dhaka said.
Although foreign workers make up just 2.8 percent of the population, they contribute more than 9 percent of gross domestic product (GDP). [Read more]
Outlook for Remittance Flows 2008-2010: Growth expected to moderate significantly, but flows to remain resilient
November 2008
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Officially recorded remittance flows to developing countries are estimated to reach $283 billion in 2008, up 6.7 percent from $265 billion in 2007; but in real terms, remittances are expected to fall from 2 percent of GDP in 2007 to 1.8 percent in 2008. This decline, however, is smaller than that of private or official capital flows, implying that remittances are expected to remain resilient relative to many other categories of resource flows to developing countries. [Read more]
Download PDF (491 KB) | Excel Data (259 KB)
spacer
Officially recorded remittance flows to developing countries are estimated to reach $283 billion in 2008, up 6.7 percent from $265 billion in 2007; but in real terms, remittances are expected to fall from 2 percent of GDP in 2007 to 1.8 percent in 2008. This decline, however, is smaller than that of private or official capital flows, implying that remittances are expected to remain resilient relative to many other categories of resource flows to developing countries. [Read more]
Download PDF (491 KB) | Excel Data (259 KB)
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