Any difference between the actual amount(s) received on exchange and the amount(s) that would have been obtained at the operational rate(s) of exchange shall be accounted for as loss or gain on exchange.

Remittances received during 2004 against this allotment advice amounted to 26,400,000.

Remittances received during 2004 against this allotment advice amounted to 26,400,000.

Recognizing further that there is a need to address and to promote conditions for cheaper, faster and safer transfers of remittances in both source and recipient countries, and the need to facilitate the potential of their productive use in recipient countries by beneficiaries that are willing and able to do so,

Recognizing further that there is a need to address and promote conditions for cheaper, faster and safer transfers of remittances in both source and recipient countries, and the need to facilitate the potential of their productive use in recipient countries by beneficiaries that are willing and able to do so,

Remittances from emigrant workers constituted a major source of additional income for their families and a reliable source of foreign exchange for the destination countries.

Recognizing that remittance flows constitute sources of private capital and that remittances have increased over time, complement domestic savings and are instrumental in improving the well being of recipients,

Promote agreements between financial institutions of sending and receiving countries.

Offshore employment has steadily increased and, with it, remittances to the Territory.

The table provides a summary of the contributions of 100,000 and higher received during 1997.

Recognizing that remittance flows constitute sources of private capital and that remittances have increased over time, complement domestic savings and are instrumental in improving the well being of recipients,

The impact of remittance income on household well being depends on who controls remittance income and how it is spent.

There are different approaches to the problem, particularly between remittance source States and remittance receiving States.

The importance of remittances relative to other capital flows varies considerably across receiving countries.

Germany is successfully working together with recipient countries, in particular with Turkey, and has significantly reduced the cost of remittances.

(e) Harmonized and streamlined procedures for monitoring receivables and remittances.

In order to maximise the impact remittances have on the economic activity of the recipient country (the multiplier effect'), the development of new financial instruments, such as loans backed on remittances, might have positive results.

The countries of destination also benefited from the remittances of emigrant workers, for the use of such funds by families for consumption purposes promoted growth and thus higher tax revenues.

The provision of technical assistance to small financial institutions in remittances' recipient countries therefore reducing transfer costs becomes highly relevant too, as it can encourage voluntary agreements between financial institutions in receiving and sender countries.

If remittances are measured in terms of their share in the GDP, the largest recipient countries are Tonga, Lesotho and Jordan.

The use of banks and other financial institutions by receivers and senders of remittances would also contribute to the reduction of transfer costs.

The purpose of fostering the bancarization' of remittances would also contribute to the provision of integrated services to senders and receivers of remittances, such as savings accounts, credits and mortgages (microfinance).

Several measures might be envisaged to implement more transparent policies with regard to total fees and transfer conditions including, inter alia, all applied fees, exchange rates and delivery times.

In Bangladesh, remittances were equivalent to 40 per cent of export earnings in Pakistan and Sri Lanka, they were equivalent to more than 25 per cent of export earnings and in the Philippines, they were equivalent to 25 per cent of export earnings.

The market and the costs of remittances

Statistics on remittances provided by recipient countries are not comparable so far due to a lack of harmonisation of Central Banks regulations.

When would the above amount have been paid to the Egyptian beneficiaries if the transfers had not ceased? ...

It was suggested that the list should include, in addition to receivables arising from deposit accounts, receivables arising from investment securities, repurchase agreements, wire transfers, swaps and cheque collection systems.

The results of the former proposed measures would be maximized through the establishment of alliances' between financial institutions sender institutions and receiving ones .

High transaction costs reduce the funds received by recipient families and deter the use of formal channels for remittances, keeping these funds outside the formal financial system.

Apart from the oligopolistic characteristics of the market, high fees stem from governments' exchange rate restrictions in receiving countries.

States should consider obliging charities to report, on a confidential basis, remittances of funds abroad, specifying the amount, the name of the beneficiary, and the purpose of the donations.

To enhance the development impact of remittances, both recipient and origin countries should pursue integration of migration and remittances in their development policy.

Thus, it would be desirable that receiving countries make efforts to promote regulations that do not hamper remittances flows, while pursuing efforts to fight terrorism and money laundry.

Figure 13 Non receipt delay in receipt of benefits

Moreover, it is important to keep in mind that the fact that a country receives remittances does not mean that it can do without international assistance.

Such remittances totalled 80 billion in 2002, and it is estimated that this year they will total more than 100 billion.

Furthermore, recipient countries might benefit from improvements in their statistics systems since a reliable accounting on remittances might help obtaining better debt ratings.

In Bangladesh, for example, just 13 of households that receive remittances from abroad are below the poverty line, compared to 34 of non remittance receiving households. Evidence from Latin America, Africa, South Asia, and elsewhere shows that remittances reduce the depth and severity of poverty, and that the additional income is disproportionately spent on education and health.

In addition, average figures on remittances' costs mask the fact that fees can be much higher in some developing countries and vary according to the amount being transferred.

Remittances.

Goto payee

And send it collect.

Working groups including private and public institutions could be created both in recipient and sender countries in order to collaborate in the identification of obstacles to remittances flows and ways to remove them.

They should also adopt specific policies to affect volumes of remittances, remittance transfer mechanisms, management of remittance funds, the use of remittances and diaspora contributions to development.