Daily NRI remittances through banks almost double
Thursday, 13 June 2013 15:12
Source: The Hindu Business Line
By: K. P. M. Basheer
"Rupee down, utilise the opportunity." This is the subject line of an e-mail message sent out to NRIs by a nationalised bank seeking deposits when the rupee slid to 58.50 against the dollar on Tuesday. The message captures the essence of the impact of the free fall of the rupee on Indians living overseas, especially in the Gulf countries. "It's good for us NRIs, but bad for our country's economy," said Abu Iringattiri, who works as an accountant in Saudi Arabia. Iringattiri told Business Line over the phone that most NRIs, mainly manual workers earning low wages in the Gulf, were happy about the rupee depreciation. "For the few hundred riyals or dhirhams they send, their families back home get more rupees and hence they are happy."
Remittances from Cubans abroad drive the island’s economy
Thursday, 13 June 2013 09:27
Source: Miami Herald Cuba
By: Juan Carlos Chavez
Cash remittances to Cuba in 2012 surpassed all revenue coming from the main components of the Cuban economy while becoming the largest element of support to the retail market, according to a study by a Miami-based analysis group.
The study, titled "Remittances to Cuba: the Most Powerful Engine of the Cuban Economy," was done by The Havana Consulting Group. It concludes that in 2012, remittances reached $2.605 billion. The number represents an increase of more than 13 percent compared to the previous year of nearly $2.3 billion.
IFAD award for HNB at global forum
Friday, 07 June 2013 08:58
Source: Daily News
Hatton National Bank's savings account, HNB Adhishtana, has come out on top after competing with over 50 projects from over 40 countries at the Global Forum on Remittances 2013.
The Global Forum on Remittances 2013 recently held in Bangkok and jointly organised by the International Fund for Agricultural Development (IFAD) and the World Bank and co-sponsored by the European Union, CGAP, IDB and UNCDF, is the fourth in a series of international events dedicated to highlighting the importance of international migration and the resulting vital flow of remittances.
Africa records $186.3b financial flows in 2012 – AfDB
Tuesday, 04 June 2013 08:17
Source: Ghana Business News
By: Ekow Quandzie
...as remittances overtake ODA, FDIs for the first time
External financial flows into Africa hit a record of $186.3 billion in 2012 as remittances into the continent overtook foreign direct investment (FDI) and official development assistance (ODA).