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

The immediate measure to allow for the reduction of remittances' costs would be to encourage senders and recipients to make use of banks and other financial institutions that is to say, to bank the unbanked , both in developed and developing countries.

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

(c) Except where a paid cheque is returned by the bank or a debit advice is received from the bank, a payee's written receipt shall be obtained for all disbursements.

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.

(c) In order to address the concerns of remittance receiving States, registered alternative remittance systems should be obliged to settle balances through normal banking channels

For example, Saudi Arabia informed the Team that it has designated certain bank branches for remittances at reduced fees.

Further, Egypt states that the Cairo branch of the Rafidain Bank received payment orders after 2 July 1990 with a total value of less than half of the total value of payment orders received by the Bank of Alexandria and considerably less than the total value of payment orders received by the AAIB.

In addition the freezing of the assets of Albarakat, the major banking institution, had impeded remittances and economic activity and had yet to be lifted.

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,

(c) All moneys received shall be deposited in an official bank account as soon as practicable.

According to the Law on the System of Payments and Payment Organizations the Money remittance transfer service can operate outside the banks only after being licensed by the Central Bank.

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,

For instance, banks in developing nations could make use of remittances as a basis for the development of micro credit lines and the issuance of bonds backed on future inflows.

This, Egypt points out, is contrary to the terms of the agreement between Egypt and Iraq whereby 20 per cent of the workers remittances should have been sent to the AAIB, and 40 per cent each to the Cairo branch of the Rafidain Bank and the Bank of Alexandria.Consequently, Egypt has requested the Panel to ask Iraq to explain the basis of its calculation of the sum of US 118,102,263.67.

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.

South South cooperation could focus on improving the availability of statistical data, drawing more of the remittances into formal banking channels and reducing the costs of transmitting funds (which can be as high as 20 per cent of small amounts).

All funds received are deposited into the Tribunal's bank accounts, including those under special account arrangements (see note 6), and reflected as cash holdings.

Also, money transfer operators usually charge higher fees and offer less favorable exchange rates in transfer operations than commercial banks.

According to the Law on the System of Payments, the activity of money remittance transfer services is illegal if they are not licensed by the Central Bank.

Banks charge higher interest on loans to risky customers.

In order to reduce the operating costs incurred by banks providing remittances, the fee payable to the Monetary Authority for a limited purpose branch licence is significantly lower than the fee for a full service branch.

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,

5. Distribution of loans from BIS reporting banks, selected Asian countries

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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.

Bank remittances to the suppliers by the Kampala firm on behalf of the Ituri traders.

IOM would be working with the World Bank to coordinate international efforts to improve the quality of data collection and reporting on migration and remittances.

According to resolution 1455 (2003) reports, the top seven remittance receiving States in 2001, as identified by the World Bank, with the exception of one, were silent on alternative remittances or whether unregistered systems were illegal.

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.

Egypt contends that a substantially higher dollar value is indicated by the payment orders issued by the Iraqi banks than is indicated by the payment orders actually received by the Egyptian banks.

Following the opening of the Bank, 300 new accounts were opened, generating 2 million in bank deposits. The Bank started to offer services that were not previously available, including a competitive interest rate on deposits and bank transfers.

The family sector has found difficulties of access to credits, due to lack of earnings and the conditions needed or required by Commercial Banks.

Sending money to some countries is now allowed only through formal banking channels, and this has created virtual monopolies while also preventing remittance money from reaching rural areas where banks don t operate. In West Africa, a simple money transfer operator now handles 70 of official payments and also imposes exclusivity on banks.

Proceeds from the telephone service can then be used to pay back the bank loans.

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,

That amount has been remitted to the Afghanistan Reconstruction Trust Fund, which is managed by the World Bank.

No money remittance agencies are operating outside the banks (see the answer to the question 1.6).

6. Distribution of loans from BIS reporting banks, selected Latin American countries

When banks make loans, they create deposits for borrowers, who draw on these funds to make purchases. That generally transfers the deposits from the lending bank to another bank.

Pay the cashier on the way out.