Caribbean saw ‘most rapid’ growth in remittances last year – World Bank

While remittances to developing countries overall edged up slightly in 2015, the World Bank says among geographical regions, Latin America and the Caribbean saw the “most rapid” growth rate in remittances in 2015.

On Wednesday, the Washington-based financial institution said the region’s 4.8 per cent growth was due to the recovery in labour markets in the United States.

The bank said growth in Latin America and the Caribbean is expected to continue in 2016, albeit at a slower pace.

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International Migration at All-Time High

The number of international migrants is expected to surpass 250 million this year, an all-time high, as people search for economic opportunity. And, fast growing developing countries have increasingly become a strong magnet for people from other parts of the developing world.
In a demonstration of their economic footprint, international migrants will send $601 billion to their families in their home countries this year, with developing countries receiving $441 billion, says the Migration and Remittances Factbook 2016, produced by the World Bank Group’s Global Knowledge Partnership on Migration and Development (KNOMAD) initiative.

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World Bank Surveys Confirm Concerns over Reduced Access to Banking Services

Two World Bank surveys confirm that large global banks are restricting or terminating relationships with other financial institutions and that banking services for money-transfer operators have become increasingly limited.
The surveys, carried out from April to October 2015, sought to gauge whether large banks are limiting or terminating foreign correspondent banking relationships and closing accounts belonging to money transfer operators.

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Ethiopia’s Diaspora Remittances Growing

The World Bank says remittance flows to Kenya and Ethiopia from the diaspora has significantly increased compared to the rest of Sub-Saharan Africa.

The Central Bank of Kenya says the 12-month cumulative inflows from the diaspora to August increased by more than 9 % to 1.5 million dollars, from the 1 million dollars it recorded in the same period last year.

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