During the last few months the WBG, experts and other civil society groups have noted increasing anecdotal reports of banks’ “derisking” activities, including in relation to MTOs that provide international remittance services. Such evidence is currently not backed by substantiated, verified and comprehensive data on the drivers and the effects of this phenomenon.Read more
Source: Oxfam, 30 January 2015
At least in economic terms, migration appears to be some kind of developmental wonder-drug. Remittances from migrants to developing countries are remittances v other flowsnow running at some three times the volume of aid, and barely faltered during the 2008-9 financial crisis (see graph).
New data on the piles of cash Canadian immigrants send overseas raises questions about our aid policies
When Piara Singh Bual arrived in Vancouver from India in 1970, he was 18 and alone. With his parents and seven siblings living in a small village in Punjab, he took jobs picking blueberries and worked at a sawmill, sending half of all his earnings back to them. Over the following decades, and now into retirement, the money transfers have continued.
Economists have aired their concerns over the fall in the country’s remittance earnings since April last saying that, if the trend persists, it might destabilise the balance of payments (BoP) situation that has been rather comfortable for quite sometime.
They said appreciation of the local currency against the US dollar and the government’s ‘weak economic diplomacy’ were the main reasons for the fall in remittance inflows.
THE fact that Jamaica has for too long been living beyond its means is dramatised by external borrowing reaching 140 per cent of Gross Domestic Product (GDP) and the large and persistent gap between foreign exchange earnings and the expenditure.
The perennial foreign exchange gap is also evident in the depreciation of the Jamaican dollar of 14.4 per cent in 2013.
Indians working abroad continue to send more money home than their counterparts from other countries.
In 2012, India topped the list with $70bn (£824m) of remittance inflows, followed by China ($66bn), the Philippines and Mexico ($24bn each), Nigeria ($21bn), according to the latest World Bank figures on migration and remittances.
Thailand’s decision to sharply reduce the price of 100B rice – which is equivalent to Viet Nam’s 5 per cent broken rice – from US$430 per tonne to $380 to pare its inventory has affected global prices, including in Viet Nam, according to the Viet Nam Food Association (VFA).
Prices of OM 0676 paddy in the Mekong Delta dropped from VND5,000-5,1000 per kilo in late August to VND4,500-4,600 on September 3.
The deportation of around 170 thousand Armenian migrants working in Russia illegally will cut the amount of remittances to Armenia from Russia by 10 percent, or $150 million, the chairman of the National Union of Employers, Garik Markaryan, said at a news conference today.Read more
The nine-member GIRO Advisory Group (GAG), headed by Umesh Bellur, Professor at the Indian Institute of Technology Bombay, will submit its report by end of December this year, the RBI said in a statement.Read more