Europe Crisis Stifling Remittances, African Central Bankers Say

Wednesday, 01 February 2012 10:31

East Africans are sending less money back to their home countries as the crisis in the euro region crimps the outlook for the global economy, government officials from Burundi, Tanzania and Uganda said.

“The European crisis has an impact on our region because the union is an important partner for us,” Gaspard Sindayigaya, governor of Burundi’s central bank, said in an interview today at Bloomberg’s headquarters in New York. “There has been a decrease in term of the remittances. We’re monitoring the possible impact particularly in the area of budget adjustments,” he said.

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Kenyan remittances up 39 percent in 2011

Monday, 30 January 2012 09:56

Kenyans abroad sent home $85.2 million in December, the highest for any month in 2011, pushing remittances for the year to a record $891 million, up 39 percent from 2010, the central bank said on Monday.

Remittances are the fourth-largest source of foreign exchange in east Africa's biggest economy after revenue from tea, horticulture and tourism.

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Pakistan: Remittances rise to $6.3bn in July-Dec

Tuesday, 17 January 2012 09:59

The State Bank of Pakistan (SBP) reported on Tuesday that overseas Pakistanis sent $6.325 billion during the first half (July-December), showing an increase of 19.54 per cent compared to the same period in the previous year.

The inflow has raised hopes for easing of the current account deficit and would serve as a cushion for foreign exchange reserves.

The SBP reported that Pakistan received 25 per cent more remittances in December as compared to last month of the previous calendar year.

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Read more: Pakistan: Remittances rise to $6.3bn in July-Dec

Philippines: Remittances up 10.6% to $1.78b

Tuesday, 17 January 2012 09:46

The Money sent home by Filipinos abroad rose 10 percent to a record $1.78 billion in November 2011, fueling household spending that made up for the government’s lackluster spending to support economic growth.

“This monthly level of remittances is the highest on record thus far,” Bangko Sentral Governor Amando Tetangco Jr said.

The November figure was up 10.6 percent from $1.67 billion in November 2010, and it brought the total remittances in the year through November 2011 to $18.3 billion, up 7.3 percent from the year before. The figure is in line with the central bank’s growth forecast of 7 percent for the whole of 2011.

Read more: Philippines: Remittances up 10.6% to $1.78b

Remittances to Mexico are rebounding

Tuesday, 17 January 2012 09:19

Mexican immigrants living in the U.S. sent an estimated 8% more money back to relatives last year compared with 2010, thanks to an improving U.S. job market.

Ending a three-year slump, remittances to Mexico are finally on the upswing, thanks to an improving U.S. job market.

Analysts expect that money sent home last year by Mexicans living abroad, most of them residing in the United States, will top $23 billion when Mexico's central bank releases annual figures this month. Although still below the peak of $26 billion in 2007, that would be a solid 8 percent increase over 2010.

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Read more: Remittances to Mexico are rebounding

Remittances to Armenia reduce at end of 2011

Monday, 16 January 2012 15:37

Individuals sent US$ 141 million non-commercial remittances to Armenia in November 2011, Central Bank’s November report informs.

In the year past, this transfer of funds reached its peak in August, with $170 million. The money transfers subsequently reduced, but they still exceed the 2010 level.   

These remittances usually increase in December, and therefore we can surely say that the total amount of money transfers in 2011 will surpass $1.5 billion. This amount could also exceed the record-breaking $1.63 billion, which was registered in 2008.

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