The sharp jump in outward remittance of funds by individuals under the liberalised remittance scheme (LRS) continued for the third straight month and hit a new high of $457.5 million in September 2015, taking the outflow in the first six months of this financial year to $1.63 billion, which is significantly higher than the total outward remittance of $1.32 billion in the whole of financial year 2014-15.Read more
European and African leaders will this week pledge to slash the cost of remittances, resulting in potentially huge savings for migrants who collectively send more than $586bn to their home countries each year.Read more
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.
The ACP-EU Migration Action implements activities to promote the recommendations of the African, Caribbean and Pacific (ACP) – European Union (EU) Dialogue on Migration and Development.
The ACP-EU Migration Action is continuously interested in working with talented, motivated and highly qualified experts in the topic of remittances. Interested experts of all nationalities are invited to submit their application for registration into the Roster of Experts on Migration. ACP and EU officials are encouraged to also apply.
The amount of cash sent home by Filipinos abroad recovered in September after registering its first decline in 12 years in August due to the weakening of other currencies against the US dollar, the Bangko Sentral ng Pilpinas (BSP) reported yesterday.Read more
Over $300 million was sent as outward remittance in just five months (April-August 2015)
India, the world’s largest remittance recipient, is also witnessing a sharp rise in outward flows linked to ‘studies abroad’ at a time the foreign education fad has picked up pace.
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.Read more
In recent years, Somali money transfer operators (MTOs), which represent the only legitimate mechanism through which the Somali diaspora can send money to their loved ones in Somalia, have struggled to maintain bank accounts. Remittances play a vital role in supporting vulnerable Somali families, with 41 percent of urban-dwelling Somalis receiving remittances. They spend the vast majority of the cash to meet basic needs like food, shelter, health care, and education.Read more