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| Author | : Group of Ten. Committee on Payment and Settlement Systems |
| Publisher | : |
| Total Pages | : 68 |
| Release | : 2007 |
| Genre | : Emigrant remittances |
| ISBN | : |
| Author | : |
| Publisher | : |
| Total Pages | : 42 |
| Release | : 2006 |
| Genre | : |
| ISBN | : 9789291317073 |
| Author | : Gabi G. Afram |
| Publisher | : World Bank Publications |
| Total Pages | : 139 |
| Release | : 2012-01-09 |
| Genre | : Business & Economics |
| ISBN | : 0821389726 |
Millions of migrants worldwide send billions of dollars in remittances each year to their families or communities of origin. In many developing countries, remittances are an important source of family and national income and also are the largest source of external financing. Remittances are better targeted at the needs of the poor than foreign aid or foreign direct investment (FDI) as recipients often depend on remittances to cover daily living expenses, to provide a cushion against emergencies, or to make small investments in business or education. Therefore, international remittance services should be safe, efficient, and reliable. This can be achieved by increasing competition in the remittance industry, providing broader access to payment system infrastructure, enhancing transparency, and ensuring a sound and predictable legal and regulatory framework. With an estimated US$55 billion in remittance inflows in 2010, India is the world's foremost remittance destination. The size and potential impact of these inflows is large. Despite substantial progress over the past 15 years, the provision of accessible, efficient, and cost-effective remittance services in India could be improved. Remittances transfers often can be costly relative to the low incomes of remitters and the small amounts involved, especially in rural India, and are not accessible. Attempts to examine the remittance market in India have been limited. This policy note attempts to fill this gap by undertaking a broad, detailed investigation of the Indian remittance market and analyzing its characteristics based on the General Principles for International Remittance Services (GPs). It identifies some of the key actions and public policy measures for the improvement and future development of this market that would make it more contestable, transparent, accessible, and sound. Such actions and policy measures could assist financial institutions and policy makers in enhancing the safety and efficiency of, as well as lowering the costs of, remittance services in India.
| Author | : Statistical Office of the European Communities |
| Publisher | : International Monetary Fund |
| Total Pages | : 96 |
| Release | : 2009 |
| Genre | : Business & Economics |
| ISBN | : 1455298069 |
"The International Transactions in Remittance: Guide for Compilers and Users (RCG)" presents concepts, definitions, and classifications related to remittances. It is consistent with the new standards for measuring balance of payments transactions, as contained in the sixth edition of the "Balance of Payments and International Investment Position Manual (BPM6)." These standards are used globally to compile comprehensive and comparable data. "The RCG" identifies the main remittances compilation methods currently being used by compilers and discusses in detail the strengths and weaknesses of each method. It is the first manual providing compilation guidance for remittances and is also the first compilation guide based on concepts set out in "BPM6." Although the "RCG" is primarily aimed at remittances data compilers, it may also be useful for users who wish to understand remittances data.
| Author | : Emiko Todoroki |
| Publisher | : World Bank Publications |
| Total Pages | : 267 |
| Release | : 2014-06 |
| Genre | : Business & Economics |
| ISBN | : 1464801096 |
Migrant workers routinely send small sums back to their families -- often a crucial lifeline for their survivial. But sending money across countries for these low income people is not easy and often very expensive and risky. Better regulation and supervision of these payment channels can make the process easier to access and more secure.
| Author | : Tito Nícias Teixeira da Silva Filho |
| Publisher | : International Monetary Fund |
| Total Pages | : 62 |
| Release | : 2021-07-30 |
| Genre | : Business & Economics |
| ISBN | : 1513592955 |
There has been a global push to decrease the cost of remittances since at least 2009, which has culminated with its inclusion in the Sustainable Development Goals in 2015. Despite this effort and the emergence of new business models, remittance costs have been decreasing very slowly, disproving predictions that sharp declines would be just around the corner. In addition, remitting to poorer countries remains very expensive. Oddly, this situation has not been able to elicit academic interest on the drivers of remittance costs. This paper delved deeply into the remittances ecosystem and found a very complex, heterogenous and unequal environment, one in which costs are driven by a myriad of factors and where there are no easy and quick solutions available, which explains the disappointing outcome so far. Nonetheless, it also shows that while policymakers have limited room to act they still have a very important role to play.
| Author | : Sanket Mohapatra |
| Publisher | : World Bank Publications |
| Total Pages | : 380 |
| Release | : 2011-01-01 |
| Genre | : Social Science |
| ISBN | : 0821385534 |
Remittances sent by African migrants have become an important source of external finance for countries in the Sub-Saharan African region. In many African countries, these flows are larger than foreign direct investment and portfolio debt and equity flows. In some cases, they are similar in size to official aid from multilateral and bilateral donors. Remittance markets in Africa, however, remain less developed than other regions. The share of informal or unrecorded remittances is among the highest for Sub-Saharan African countries. Remittance costs tend to be significantly higher in Africa both for sending remittances from outside the region and for within-Africa (South-South) remittance corridors. At the same time, the remittance landscape in Africa is rapidly changing with the introduction of new remittance technologies, in particular mobile money transfers and branchless banking. This book presents findings of surveys of remittance service providers conducted in eight Sub-Saharan African countries and in three key destination countries. It looks at issues relating to costs, competition, innovation and regulation, and discusses policy options for leveraging remittances for development in Africa.
| Author | : |
| Publisher | : World Bank Publications |
| Total Pages | : 182 |
| Release | : |
| Genre | : |
| ISBN | : 082136345X |
International migration, the movement of people across international boundaries to improve economic opportunity, has enormous implications for growth and welfare in both origin and destination countries. An important benefit to developing countries is the receipt of remittances or transfers from income earned by overseas emigrants. Official data show that development countries' remittance receipts totaled 160 billion in 2004, more than twice the size of official aid. This year's edition of Global Economic Prospects focuses on remittances and migration. The bulk of the book covers remittances.
| Author | : Jacqueline Irving |
| Publisher | : World Bank Publications |
| Total Pages | : 86 |
| Release | : 2010-03-26 |
| Genre | : Business & Economics |
| ISBN | : 0821383620 |
Drawing on the findings from responses to a survey conducted in 2008 09 from 114 central banks worldwide (of which 33 are in Africa), this paper aims to better understand how central banks and other national institutions regulate and collect data and other information on cross-border remittance flows. Findings indicate that, although the vast majority of countries, in both sending and receiving countries, collect data on remittances, and 43 percent of receiving countries estimate informal remittances, there is a need for more frequent and better coordinated data collection, both across national institutions and among different divisions within the same national institution, as well as between countries. Survey results also indicate that many new market entrants transfer activities are unregulated. Countries must take into account new channels and technologies, such as mobile phone service providers, in monitoring remittance flows. It will be important for national regulatory authorities to work closely with mobile telecoms network operators to strike the right regulatory balance, to better understand these new channels associated risks and fully tap their potential for fostering inexpensive, efficient remittance transfer services. The high cost of transfers was cited in the survey as the top factor inhibiting migrants from using formal channels. Many countries, particularly in Africa, have made progress in rendering exclusivity contracts illegal, which helps increase competitiveness and reduce transfer costs. But further policy reforms and initiatives are needed to address the high costs of remittances. The joint African Development Bank-World Bank Africa Migration Project and G-8 Global Remittances Working Group provided partial funding support for this study.
| Author | : Emiko Todoroki |
| Publisher | : World Bank Publications |
| Total Pages | : 267 |
| Release | : 2014-06-19 |
| Genre | : Business & Economics |
| ISBN | : 146480110X |
Migrant workers routinely send small sums back to their families, often a crucial lifeline for their survival. But sending money across countries for these low income people is not easy and often very expensive and risky. Better regulation and supervision of these payment channels can make the process easier to access and more secure.
