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.

Read more

Banks, The Caribbean Diaspora And Remittances

Imagine this! You, a partner or family member is working overseas. You have been sending money home to support an aging relative or to make a regular payment on a mortgage.You go to the Caribbean money transfer business that you have always used, only to be told your money can no longer accepted because there is no intermediary bank in Europe or the US willing to work with it despite its absolute reliability and positive track record.Although oversimplified, this scenario is not impossible as changing international regulations and risk aversion are having the effect of disconnecting Caribbean financial institutions from the international correspondent banking services that are necessary for them to clear or transfer money.

Read more