The market and the costs of remittances

Remittances.

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.

Facilitation and reduction of the cost of transfer of migrant remittances

60 206. Facilitation and reduction of the cost of transfer of migrant remittances

Facilitation and reduction of the cost of transfer of migrant remittances

Regulate informal value transfer systems, such as hawalas.

Fostering the channelling of remittances through financial institutions ( bancarization').

When your money order comes, or you can send it, whatever.

Transfers and remittances

Reducing the costs of remittances

Developing countries are the main beneficiaries of remittances, accounting for 65 of all inflows.

Alternative remittance systems

Capital flows and remittances

4310 Prohibition of foreign exchange allocation

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.

Please indicate the laws and procedures available to regulate alternative remittance systems, including systems of, or similar to, the kind known as hawala.

Developing countries are the main beneficiaries of remittances, accounting for 65 of all inflows.

Transfer of money through the hawala system

Recorded remittances flows out of Germany reached Euro 3.18 billion in 2004.

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.

The international community should develop mechanisms to register money transfer services in order to prevent the misuse of informal money transfer systems such as hawala system.

a Private flows include those identified as workers' remittances and other private remittances .

There are no alternate remittance systems.

Promote agreements between financial institutions of sending and receiving countries.

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

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,

The Team makes no distinction between alternative and informal remittance systems for the purposes of this report.

SR VII. Wire transfers

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).

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.

All foreign exchange remittances must be conducted through the Royal Monetary Authority.

Remittances from migrant workers continued to increase and largely exceeded official development assistance in some countries, they were the largest source of foreign exchange.

To that end, we must reduce transfer costs so that so much money is not lost in the process.

Migration related issues (remittances)

The remittance flow continues to be buoyant.

E. Alternative informal remittance systems

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.

1.6 Please outline those provisions and or mechanisms in place that regulate alternative remittance services, such as hawala, that operate in Syria.

The Second Committee adopted draft resolution I, entitled Facilitation and reduction of the cost of transfer of migrant remittances .

The bulk of remittances is channeled through money transfer operators (Western Union, Money Graw and Thomas Cook being the major players), which account for up to 70 of remittances transfers from the United States to Latin American countries.

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,

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,