Siddique Islam - AHN Correspondent
Dhaka, Bangladesh (AHN) - Bangladeshis working abroad remitted a $937 million in August 2009, the highest monthly inflow in history, thanks largely to the forthcoming Eid-ul Fitr festival, officials told AHN Media Thursday.
"The remittance amount in August is a new record after June," a senior official of the Bangladesh Bank (BB), the country's central bank, told AHN, preferring anonymity, adding that $919.1 million was remitted in the month of June.
The August figure is up by $52.53 million from July, according to the central bank statistics released on Thursday.
The record rise in inward remittance is due mainly to the ensuing Eid-ul Fitr, the biggest religious festival for the Muslims, when traditionally migrant workers send home increased amount of money, the BB officials added.
Read more
Thursday, 3 September 2009
Immigrant Remittances Hit Hard by Downturn
Immigrants' remittances to their home countries have dropped significantly due to the economic slowdown. Cash sent to relatives is a crucial source of income for many developing countries, so the drop-off in payments can have drastic effects. However funds sent from Finland are unlikely to play a decisive role in any other state.
Zenaida Aglipay, a Filipino who lives in Vantaa, just north of Helsinki, has worked in Finland for a couple of years. Every month she sends money home to her mother.
Read more
Zenaida Aglipay, a Filipino who lives in Vantaa, just north of Helsinki, has worked in Finland for a couple of years. Every month she sends money home to her mother.
Read more
Analysts see growth accelerating in the second semester
ECONOMIC GROWTH will likely accelerate in the remaining months of the year as domestic demand continues to strengthen on the back of benign inflation and steady growth in remittances, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said in their joint publication, Market Call, which they released late last Wednesday.
This optimism was shared by the Congressional Planning and Budget Department (CPBD), the think tank of the House of Representatives which released its September report yesterday that showed revised, higher growth projections for the year.
FMIC and UA&P said growth in gross domestic product (GDP) will likely hit 2.5% and 4.5% in the third and fourth quarters of the year, respectively. Read more
This optimism was shared by the Congressional Planning and Budget Department (CPBD), the think tank of the House of Representatives which released its September report yesterday that showed revised, higher growth projections for the year.
FMIC and UA&P said growth in gross domestic product (GDP) will likely hit 2.5% and 4.5% in the third and fourth quarters of the year, respectively. Read more
Migrant workers` remittances at US$9.9 bln per year
Serang (ANTARA News/Asia Pulse) - Some six million Indonesian migrant workers abroad are sending a total of about Rp100 trillion (US$9.9 billion) home a year, making them the country`s second largest foreign exchange earner after oil and gas, a manpower official said.
National Agency for the Placement and Protection of Migrant Workers (BNP2TKI) head Jumhur Hidayat said on Monday migrant workers were doing a great service to their country because they helped to reduce unemployment, each of them was providing a living for an average of five family members, and having a "multiplier effect" on regional development.
He said the government should treat migrant workers with high respect, from the time they depart, while they were working abroad until they return home.
Source:
Business in Asia Today - Sept 2, 2009
published by Asia Pulse Source
National Agency for the Placement and Protection of Migrant Workers (BNP2TKI) head Jumhur Hidayat said on Monday migrant workers were doing a great service to their country because they helped to reduce unemployment, each of them was providing a living for an average of five family members, and having a "multiplier effect" on regional development.
He said the government should treat migrant workers with high respect, from the time they depart, while they were working abroad until they return home.
Source:
Business in Asia Today - Sept 2, 2009
published by Asia Pulse Source
Ivobank certified by Swift for workers' remittances project
vobank, the online banking service specialising in online payments and money transfer services, has been certified by Swift for the Workers' Remittances project.
The implementation has made full use of the XML messaging support inherent within Synergy's service bureau solution.
Commenting on the implementation, Geraldine Flavin, Treasury Manager at Ivobank, says: "Synergy's support in this complex project has been invaluable. Their SWIFT specialists have demonstrated a knowledge and commitment which has really helped to get us where we are now."
Synergy CEO Peter Sandhu added: "Future proof implementations and investment protection are a major element in our Service Bureau strategy. To play a major role in Ivobank's implementation of Workers' Remittances is a great testimony to the capability of our infrastructure and the skill of our Service Bureau Team."
Source
The implementation has made full use of the XML messaging support inherent within Synergy's service bureau solution.
Commenting on the implementation, Geraldine Flavin, Treasury Manager at Ivobank, says: "Synergy's support in this complex project has been invaluable. Their SWIFT specialists have demonstrated a knowledge and commitment which has really helped to get us where we are now."
Synergy CEO Peter Sandhu added: "Future proof implementations and investment protection are a major element in our Service Bureau strategy. To play a major role in Ivobank's implementation of Workers' Remittances is a great testimony to the capability of our infrastructure and the skill of our Service Bureau Team."
Source
Kenyan Remittances Rose 8.7% in July, Central Bank Says
y Eric Ombok
Sept. 3 (Bloomberg) -- Kenyans living abroad sent home $50.4 million in July, an increase of 8.7 percent, compared with $46.3 million a month earlier, the Central Bank of Kenya said on its website late yesterday.
Total remittance inflows for the period January to July 2009 declined 8.4 percent to $342.3 million compared with $373.3 million in a similar period in 2008, the Central Bank said.
“The surge in 2008 remittance inflows was attributed to the Safaricom IPO and post-election violence, which attracted large funds for investment and consumption smoothing respectively,” it said.
The dominant source of inflows to Kenya is North America which accounts for over 50 percent of total remittances, the bank said.
To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net
Source
Sept. 3 (Bloomberg) -- Kenyans living abroad sent home $50.4 million in July, an increase of 8.7 percent, compared with $46.3 million a month earlier, the Central Bank of Kenya said on its website late yesterday.
Total remittance inflows for the period January to July 2009 declined 8.4 percent to $342.3 million compared with $373.3 million in a similar period in 2008, the Central Bank said.
“The surge in 2008 remittance inflows was attributed to the Safaricom IPO and post-election violence, which attracted large funds for investment and consumption smoothing respectively,” it said.
The dominant source of inflows to Kenya is North America which accounts for over 50 percent of total remittances, the bank said.
To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net
Source
PERU: Remittances sent to Peru amounted US $ 564 mln
LivinginPeru.com
Isabel Guerra
According to Peru's Central Bank of Reserve (BCR), remittances sent (to thir families) by Peruvians working abroad amounted US $ 564 million dollars during 2009's second quarter, which is the highest figure this year, and also an increase of 5.2% compared to the first quarter.
Remittances from the United States to Peru rose 3.4% during the second quarter, while those sent from other countries grew by 6.5% in the same period.
Also, Peruvians seems to trust more in bank services, since the percentage of remittances coursed through banks grew 10.4% percent during the second quarter of 2009.
BCR's last year figures also indicate that total remittances sent to Peru during 2008 amounted to US$2.43 billions. Source
Isabel Guerra
According to Peru's Central Bank of Reserve (BCR), remittances sent (to thir families) by Peruvians working abroad amounted US $ 564 million dollars during 2009's second quarter, which is the highest figure this year, and also an increase of 5.2% compared to the first quarter.
Remittances from the United States to Peru rose 3.4% during the second quarter, while those sent from other countries grew by 6.5% in the same period.
Also, Peruvians seems to trust more in bank services, since the percentage of remittances coursed through banks grew 10.4% percent during the second quarter of 2009.
BCR's last year figures also indicate that total remittances sent to Peru during 2008 amounted to US$2.43 billions. Source
INDIA: Remittances from UAE to India to grow in coming months
Press Trust of India / Dubai September 1, 2009, 14:57 IST
Remittances to India by expatriates living in the United Arab Emirates could rise in the days ahead in view of the coming festive season and the fear that the rupee would weaken further against the US dollar, media reports here said.
The rupee has been losing ground steadily, and industry experts said the strengthening of the dollar against the rupee meant that the Indian currency would lose against the dirham, which is pegged to the greenback.
It is said that India's high fiscal deficit, a poor monsoon and prospects of a rise in the cost of oil imports in the coming months would put greater pressure on the rupee.
Read more
Remittances to India by expatriates living in the United Arab Emirates could rise in the days ahead in view of the coming festive season and the fear that the rupee would weaken further against the US dollar, media reports here said.
The rupee has been losing ground steadily, and industry experts said the strengthening of the dollar against the rupee meant that the Indian currency would lose against the dirham, which is pegged to the greenback.
It is said that India's high fiscal deficit, a poor monsoon and prospects of a rise in the cost of oil imports in the coming months would put greater pressure on the rupee.
Read more
KERALA: Emigration, remittances in Kerala not hit by meltdown: Study
THIRUVANANTHAPURAM: Notwithstanding the impact of global meltdown, the number of Keralites seeking overseas jobs, especially in Gulf nations and
remittance by Non-Resident Keralites are on the increase, a study shows.
The number of emigrants increased by 19 per cent to 21.9 lakhs from 18.4 lakhs while the remittance amount grew by 135 per cent from Rs 18,400 crores to Rs 43,300 crores between 2003-08, Migration and Monitoring Study (MMS) 2008 by Centre for Development Studies here revealed.
The study also indicated that the global crisis has partly contributed to acceleration in remittances in the case of Kerala. Read more
remittance by Non-Resident Keralites are on the increase, a study shows.
The number of emigrants increased by 19 per cent to 21.9 lakhs from 18.4 lakhs while the remittance amount grew by 135 per cent from Rs 18,400 crores to Rs 43,300 crores between 2003-08, Migration and Monitoring Study (MMS) 2008 by Centre for Development Studies here revealed.
The study also indicated that the global crisis has partly contributed to acceleration in remittances in the case of Kerala. Read more
U.S. Economic Challenges Placing High Burdens On Caribbean Remittances To Relatives...
U.S. Economic Challenges Placing High Burdens On Caribbean Remittances To
Relatives Back Home
Plight of American Immigrant Creating Strongest July for Map Financial Group,
One of the Leading Microlenders
NEW YORK, Sept. 1 /PRNewswire/ -- Continued declines in the U.S. economy
through July have severely impacted remittances and have had profound rippled
effects on the economies of Caribbean countries, according to new research
coming from Map Financial Group, a leading microfinance lender in the region.
Facing hardship in the United States, American relatives have dropped
remittances by an estimated 9% on an annualized rate to their families
residing on the Caribbean islands, according to Map. The double-digit drop,
more than the 7.3% global decline estimated by the World Bank, has had a more
dramatic impact in the Caribbean, an area already reeling from declining
tourism and commodity prices and counting on remittances as a top five source
of income. Read more
Relatives Back Home
Plight of American Immigrant Creating Strongest July for Map Financial Group,
One of the Leading Microlenders
NEW YORK, Sept. 1 /PRNewswire/ -- Continued declines in the U.S. economy
through July have severely impacted remittances and have had profound rippled
effects on the economies of Caribbean countries, according to new research
coming from Map Financial Group, a leading microfinance lender in the region.
Facing hardship in the United States, American relatives have dropped
remittances by an estimated 9% on an annualized rate to their families
residing on the Caribbean islands, according to Map. The double-digit drop,
more than the 7.3% global decline estimated by the World Bank, has had a more
dramatic impact in the Caribbean, an area already reeling from declining
tourism and commodity prices and counting on remittances as a top five source
of income. Read more
Wednesday, 26 August 2009
Luup, MoneyGram plan mobile remittances service
Mobile payment provider Luup International Ltd has joined forces with global money transfer company MoneyGram International to develop a mobile money transfer service by making use of the latter's global agent network and Luup's mobile payment services.
Read more
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Philippine workers abroad: The boon has a price
Reporting from Santa Barbara, Philippines - Looking down the main drag of this farm town, Police Chief Eric Noble marvels at the modern conveniences -- byproducts of the fierce ties binding Philippine families.
Sturdy houses with concrete foundations now replace the thatched huts of a generation ago. There are new cars, washing machines, children attending private schools and former sharecroppers who have purchased the farms where they once worked as lowly laborers. Read more
Sturdy houses with concrete foundations now replace the thatched huts of a generation ago. There are new cars, washing machines, children attending private schools and former sharecroppers who have purchased the farms where they once worked as lowly laborers. Read more
Wednesday, 19 August 2009
PAKISTAN: Govt to take steps for enhancing remittances
Saturday, August 15, 2009
By By Salman Siddiqui
KARACHI: The government is to formally announce a number of initiatives on August 21 in order to give a jump to home remittances.
On the same day, the government would also disclose its strategy as how Pakistan was receiving record high remittances since last couple of months when the world is passing through a historic recession.
Finance Minister Shaukat Tarin told this on Thursday night when media approached him to clarify his two contradicting statements in which he criticized the previous government of taking loans from international financial institutions such as International Monetary Fund (IMF) and on the other hand the current government was also availing the IMF standby loan of $7.6 billion since last November. He was available there on the sidelines of a meeting he held with the member of Managing Committee of Karachi Chamber of Commerce & Industry (KCCI) at a local hotel.
He said the government had already undertaken soft launch of the initiatives for enhancing remittances last May and would formally launch these initiatives on August 21. These initiatives would include the speeding up of services, revision in rates and convenience to the Pakistanis living abroad. As a matter of record, Pakistan received the highest-ever remittances in a month at $747.22 million in July 2009 and $7.811 billion the highest-ever remittances in a year ended on June 30, 2008. Read More
By By Salman Siddiqui
KARACHI: The government is to formally announce a number of initiatives on August 21 in order to give a jump to home remittances.
On the same day, the government would also disclose its strategy as how Pakistan was receiving record high remittances since last couple of months when the world is passing through a historic recession.
Finance Minister Shaukat Tarin told this on Thursday night when media approached him to clarify his two contradicting statements in which he criticized the previous government of taking loans from international financial institutions such as International Monetary Fund (IMF) and on the other hand the current government was also availing the IMF standby loan of $7.6 billion since last November. He was available there on the sidelines of a meeting he held with the member of Managing Committee of Karachi Chamber of Commerce & Industry (KCCI) at a local hotel.
He said the government had already undertaken soft launch of the initiatives for enhancing remittances last May and would formally launch these initiatives on August 21. These initiatives would include the speeding up of services, revision in rates and convenience to the Pakistanis living abroad. As a matter of record, Pakistan received the highest-ever remittances in a month at $747.22 million in July 2009 and $7.811 billion the highest-ever remittances in a year ended on June 30, 2008. Read More
CAMBODIA: Bank reports slump in remittances
ACLEDA counts 25 percent drop in trade transactions over first half of year compared with 2008, but expects an uptick before the end of the year after flows showed signs of recovery in June
090817_15
Photo by: Heng Chivoan
Slumping volumes through Cambodia’s ports have led to a 24.6 percent drop in ACLEDA Bank’s remittances business.
Cross-border money remittances through ACLEDA Bank dropped 24.6 percent year on year in the first half from US$727.34 million to $547.83 million, Executive Vice President and Chief Operations Officer So Phonnary said.
The fall was due largely to exports and imports, she said.
"The major decline was due to the drop in garment exports, so money transferred into the country was down," she said. "Because demand for imports of automobiles, machinery and goods and commodities into Cambodia also dropped, the amount of money transferred out of Cambodia was also down."
Outgoing remittances fell 16.4 percent to $284.29 million, and inbound remittances dropped 31.8 percent to $263.54 million. Read more
090817_15
Photo by: Heng Chivoan
Slumping volumes through Cambodia’s ports have led to a 24.6 percent drop in ACLEDA Bank’s remittances business.
Cross-border money remittances through ACLEDA Bank dropped 24.6 percent year on year in the first half from US$727.34 million to $547.83 million, Executive Vice President and Chief Operations Officer So Phonnary said.
The fall was due largely to exports and imports, she said.
"The major decline was due to the drop in garment exports, so money transferred into the country was down," she said. "Because demand for imports of automobiles, machinery and goods and commodities into Cambodia also dropped, the amount of money transferred out of Cambodia was also down."
Outgoing remittances fell 16.4 percent to $284.29 million, and inbound remittances dropped 31.8 percent to $263.54 million. Read more
EL SALVADOR: Salvadoran remittances drop 11 percent in 2009
El Salvador's central bank says the money citizens living abroad sent home during the first seven months of this year dropped 11 percent compared to the same period in 2008.
The bank says remittances between January and July reached $2 billion in the Central American country compared to $2.2 billion during the same period last year.
In a report issued Monday, the bank blamed the decrease on rising unemployment in the United States, especially among Latin American immigrants.
Remittances represent the largest source of legal foreign income. About 2.5 million Salvadorans live in the United States. Read more
The bank says remittances between January and July reached $2 billion in the Central American country compared to $2.2 billion during the same period last year.
In a report issued Monday, the bank blamed the decrease on rising unemployment in the United States, especially among Latin American immigrants.
Remittances represent the largest source of legal foreign income. About 2.5 million Salvadorans live in the United States. Read more
INDIA: Kerala banks report healthy growth in remittances in FY09
Despite the financial meltdown and global recession, Kerala-based banks have posted healthy growth in inward remittances in financial year 2009.
Latest annual reports of Kerala-based banks noted that the depreciation of rupee against major currenc-ies as well as the global financial meltdown prompted NRIs to park their savings in India. There were 25.52 lakh remittances worth Rs 12,538 crore to India by NRIs through Federal Bank, in FY09 against 21.58 lakh remittances worth Rs 7,933 crore in the previous year.
At South Indian Bank (SIB), the total turnover of inward remittances thro-ugh exchange houses increased 69.31 per cent to Rs 2,827.82 crore in FY09 from Rs 1,318 crore during the corresponding period in the previous year.
South India Bank provides managerial support to Hadi Express Exchange, U-AE. Its volume of remitta-nce through this exchange increased to Rs 617.99 cr-ore in FY09, a 335 per cent jump from previous year. Read more
Latest annual reports of Kerala-based banks noted that the depreciation of rupee against major currenc-ies as well as the global financial meltdown prompted NRIs to park their savings in India. There were 25.52 lakh remittances worth Rs 12,538 crore to India by NRIs through Federal Bank, in FY09 against 21.58 lakh remittances worth Rs 7,933 crore in the previous year.
At South Indian Bank (SIB), the total turnover of inward remittances thro-ugh exchange houses increased 69.31 per cent to Rs 2,827.82 crore in FY09 from Rs 1,318 crore during the corresponding period in the previous year.
South India Bank provides managerial support to Hadi Express Exchange, U-AE. Its volume of remitta-nce through this exchange increased to Rs 617.99 cr-ore in FY09, a 335 per cent jump from previous year. Read more
ECUADOR: Ecuador remittances fall 21 pct in first 6 months
QUITO, Ecuador -- Ecuador's central bank says the money that citizens living abroad sent home during the first six months of the year dropped 21 percent from the same period of 2008.
A central bank report issued Monday says remittances totaled $1.2 billion from January through June, down from $1.5 billion in the first half of last year. The report blames rising unemployment in the United States and the European Union.
Remittances plunged 22 percent in the fourth quarter of 2008, leaving last year down 8.6 percent from 2007. Read more
A central bank report issued Monday says remittances totaled $1.2 billion from January through June, down from $1.5 billion in the first half of last year. The report blames rising unemployment in the United States and the European Union.
Remittances plunged 22 percent in the fourth quarter of 2008, leaving last year down 8.6 percent from 2007. Read more
Saturday, 15 August 2009
NIGERIA: Nigerian economy under threat as FDI, remittance inflows drop
With a severe credit squeeze traumatising the economies of Europe, the United States of America, Japan and China, Foreign Direct Investment (FDI) and even private remittance inflows to Nigeria alongside other developing regions may suffer a decline in the years to come. This likely decline in investment inflow into the country will definitely have a negative multiplier effect on not only capital formation and growth projections for the economy, but on employment generation and human development.
Certainly, with a projected decline in FDI, the country’s hope to realise $600 billion in FDI before 2020, in furtherance of its vision to be one of the world’s top 20 economies by 2020 may go unfulfilled. Read more
Certainly, with a projected decline in FDI, the country’s hope to realise $600 billion in FDI before 2020, in furtherance of its vision to be one of the world’s top 20 economies by 2020 may go unfulfilled. Read more
NEPAL: Remittance sustains 30pc families
KATHMANDU, Aug 11 - Each household which has a family member working abroad receives an average remittance of Rs. 80,462 per year.
The Labour Force Survey 2008 carried out by the Central Bureau of Statistics (CBS) revealed that 30 percent of the households receives remittances either from inside or outside the country.
Overseas remittances accou- nt for 83.2 percent with the rest coming from within the country. Families receiving remittances from inside the country receive an average of Rs. 28,976
per year.
According to Nepal Rastra Bank (NRB), the country received remittances amounting to Rs. 204.72 including money sent back by workers and servicemen's pensions during the first 11 months of the last fiscal year.
The remittance inflow grew by 51 percent during 11 months of last fiscal year against the increase of 37.3 percent, according to the NRB. The government has also admitted that the role of remittance remained crucial to reduce to people under poverty line from 41 percent to 31 percent now.
Above two million people are estimated to have gone to foreign countries to work. The survey found that 29.1 percent of the households had at least one member working abroad. Read more
The Labour Force Survey 2008 carried out by the Central Bureau of Statistics (CBS) revealed that 30 percent of the households receives remittances either from inside or outside the country.
Overseas remittances accou- nt for 83.2 percent with the rest coming from within the country. Families receiving remittances from inside the country receive an average of Rs. 28,976
per year.
According to Nepal Rastra Bank (NRB), the country received remittances amounting to Rs. 204.72 including money sent back by workers and servicemen's pensions during the first 11 months of the last fiscal year.
The remittance inflow grew by 51 percent during 11 months of last fiscal year against the increase of 37.3 percent, according to the NRB. The government has also admitted that the role of remittance remained crucial to reduce to people under poverty line from 41 percent to 31 percent now.
Above two million people are estimated to have gone to foreign countries to work. The survey found that 29.1 percent of the households had at least one member working abroad. Read more
SRI LANKA: http://www.dailynews.lk/2009/08/11/bus01.asp
Despite the global economic downturn which affected the foreign exchange earnings of many countries, Sri Lanka's foreign remittances from expatriate Sri Lankans working in many parts of the world recorded an increase of five percent compared to 2008, a senior official of the Central Bank of Sri Lanka told Daily News Business.
Migrant workers
He said, "Foreign remittances during the first half of 2009 were US$ 1.6 billion while remittances during the corresponding period in 2008 were US$ 1.5 billion, a five percent growth over last year."
"However, during the first quarter of 2009 the remittances showed a slight decrease - US$ 774 million by Sri Lankan expatriates, compared to US$ 787 million during the corresponding period in 2008," he said. Read more
Migrant workers
He said, "Foreign remittances during the first half of 2009 were US$ 1.6 billion while remittances during the corresponding period in 2008 were US$ 1.5 billion, a five percent growth over last year."
"However, during the first quarter of 2009 the remittances showed a slight decrease - US$ 774 million by Sri Lankan expatriates, compared to US$ 787 million during the corresponding period in 2008," he said. Read more
Risks to remittance flows call for cautious policies in recipient countries
The slowdown in remittance flows that became evident in the last quarter of 2008 continued into the first half 2009, therefore posing more threat to top recipient countries.
Not a few economic watchers have come to realise the implication of declining remittance flows to recipient countries, advising on the need to put in place policies that would cushion the effect of the projected decline.
After the latest data revisions for 2008, India, China and Mexico, retain their position as the top recipients of migrant remittances among developing countries. Other top 10 remittance recipients include Nigeria, Philippines, Poland, Romania, Egypt, Bangladesh, and Vietnam. In contrast, the top recipients in terms of the share of remittances in Gross Domestic Product (GDP) include many smaller economies such as Tajikistan, Tonga, Moldova, Lesotho, and Guyana. Read more
Not a few economic watchers have come to realise the implication of declining remittance flows to recipient countries, advising on the need to put in place policies that would cushion the effect of the projected decline.
After the latest data revisions for 2008, India, China and Mexico, retain their position as the top recipients of migrant remittances among developing countries. Other top 10 remittance recipients include Nigeria, Philippines, Poland, Romania, Egypt, Bangladesh, and Vietnam. In contrast, the top recipients in terms of the share of remittances in Gross Domestic Product (GDP) include many smaller economies such as Tajikistan, Tonga, Moldova, Lesotho, and Guyana. Read more
BANGLADESH: Remittance drives banks to open exchange houses abroad
Sajjadur Rahman
Private commercial banks (PCBs) are scrambling to open exchange houses abroad to cash in on increasing business driven by inward remittances, officials said.
At least half a dozen banks sought permission from Bangladesh Bank to open nearly 10 exchange houses in remittance destinations, such as Canada, Italy, Singapore and the UK, central bank officials said.
Currently, eight local banks -- including the state-owned four -- have 28 exchange houses abroad, BB data shows. Read more
Private commercial banks (PCBs) are scrambling to open exchange houses abroad to cash in on increasing business driven by inward remittances, officials said.
At least half a dozen banks sought permission from Bangladesh Bank to open nearly 10 exchange houses in remittance destinations, such as Canada, Italy, Singapore and the UK, central bank officials said.
Currently, eight local banks -- including the state-owned four -- have 28 exchange houses abroad, BB data shows. Read more
LATIN AMERICA: Region to lose millions in remittances
WASHINGTON, CMC - The Inter-American Development Bank (IDB) Wednesday said that Latin America and the Caribbean are expected to experience an 11 per cent decline in remittances this year.
According to the IDB’s Multilateral Investment Fund (MIF), the region is expected to receive about US$62 billion in remittances from its expatriates in 2009.
“The estimate reflects the impact of the global economic crisis on migrant workers from this region, most of whom are living in industrialised countries hit by recessions, such as the United States, Spain and Japan,” the MIF said.
IDB president Luis Alberto Moreno said the crisis is clearly limiting migrants’ capacity to send money home. Read more
According to the IDB’s Multilateral Investment Fund (MIF), the region is expected to receive about US$62 billion in remittances from its expatriates in 2009.
“The estimate reflects the impact of the global economic crisis on migrant workers from this region, most of whom are living in industrialised countries hit by recessions, such as the United States, Spain and Japan,” the MIF said.
IDB president Luis Alberto Moreno said the crisis is clearly limiting migrants’ capacity to send money home. Read more
PAKISTAN: Pakistan's July remittances at record $747.22 mln
KARACHI, Aug 12 (Reuters) - Pakistan received a record $747.22 million in remittances from citizens overseas in July, compared with $627.21 million in the same month last year, the State Bank of Pakistan said late on Tuesday.
The previous monthly record was $739.43 million, received in March.
Article Controls
The largest inflow of remittances during July came from the United Arab Emirates, with $159.32 million, followed by Saudi Arabia with $150.13 million. Read more
The previous monthly record was $739.43 million, received in March.
Article Controls
The largest inflow of remittances during July came from the United Arab Emirates, with $159.32 million, followed by Saudi Arabia with $150.13 million. Read more
RWANDA: Kigali — The government has called upon the Rwandan Diaspora to embrace the different socio-economic policies that the government has adopted
Kigali — The government has called upon the Rwandan Diaspora to embrace the different socio-economic policies that the government has adopted to foster development.
Addressing the Diaspora yesterday, the Minister of Foreign Affairs and Regional Cooperation, Rosemary Museminali, urged them to exercise their democratic right by fully participating in next year's presidential elections.
The meeting drew participants from 13 countries including Rwandan students currently persuing their education in Saudi Arabia. Read more
Addressing the Diaspora yesterday, the Minister of Foreign Affairs and Regional Cooperation, Rosemary Museminali, urged them to exercise their democratic right by fully participating in next year's presidential elections.
The meeting drew participants from 13 countries including Rwandan students currently persuing their education in Saudi Arabia. Read more
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