Related items
Showing items related by title, author, creator and subject.
-
Migrant Remittance Flows : Findings from a Global Survey of Central BanksDrawing on the findings from responses to a survey conducted in 2008-09 from 114 central banks worldwide (of which 33 are in Africa), this paper aims to better understand how central banks and other national institutions regulate and collect data and other information on cross-border remittance flows. Findings indicate that, although the vast majority of countries, in both sending and receiving countries, collect data on remittances, and 43 percent of receiving countries estimate informal remittances, there is a need for more frequent and better coordinated data collection, both across national institutions and among different divisions within the same national institution, as well as between countries. Survey results also indicate that many new market entrants' transfer activities are unregulated. Countries must take into account new channels and technologies, such as mobile phone service providers, in monitoring remittance flows. It will be important for national regulatory authorities to work closely with mobile telecoms network operators to strike the right regulatory balance, to better understand these new channels' associated risks and fully tap their potential for fostering inexpensive, efficient remittance transfer services. The high cost of transfers was cited in the survey as the top factor inhibiting migrants from using formal channels. Many countries, particularly in Africa, have made progress in rendering exclusivity contracts illegal, which can help increase competitiveness and reduce transfer costs. Further policy reforms and initiatives are needed to address the high costs of remittances.
-
Migrant Remittance Flows : Findings
 from a Global Survey of Central BanksDrawing on the findings from responses
 to a survey conducted in 2008-09 from 114 central banks
 worldwide (of which 33 are in Africa), this paper aims to
 better understand how central banks and other national
 institutions regulate and collect data and other information
 on cross-border remittance flows. Findings indicate that,
 although the vast majority of countries, in both sending and
 receiving countries, collect data on remittances, and 43
 percent of receiving countries estimate informal
 remittances, there is a need for more frequent and better
 coordinated data collection, both across national
 institutions and among different divisions within the same
 national institution, as well as between countries. Survey
 results also indicate that many new market entrants'
 transfer activities are unregulated. Countries must take
 into account new channels and technologies, such as mobile
 phone service providers, in monitoring remittance flows. It
 will be important for national regulatory authorities to
 work closely with mobile telecoms network operators to
 strike the right regulatory balance, to better understand
 these new channels' associated risks and fully tap
 their potential for fostering inexpensive, efficient
 remittance transfer services. The high cost of transfers was
 cited in the survey as the top factor inhibiting migrants
 from using formal channels. Many countries, particularly in
 Africa, have made progress in rendering exclusivity
 contracts illegal, which can help increase competitiveness
 and reduce transfer costs. Further policy reforms and
 initiatives are needed to address the high costs of remittances.
-
The Remittance Market in India :
 Opportunities, Challenges, and Policy OptionsIn chapter one, this report maps the
 patterns and characteristics of migration flows from India;
 in chapter two, it provides a detailed discussion of
 remittance flows to India in terms of their importance,
 sources, uses, trends, costs, and links to financial access.
 In chapter three, the report describes the remittance market
 (the players, the regulatory framework, as well as the
 existing operational schemes), setting the stage for chapter
 four, which presents a diagnostic of the remittance market
 based on the General Principles for International Remittance
 Services (GPs). The diagnostic covers the legal and
 regulatory framework, payment system infrastructure, market
 transparency and level of consumer protection, market
 structure, level of competition among remittance service
 providers, as well as market governance. It analyzes the
 existing situation in India and provides detailed
 recommendations (including lessons learned from
 international best practices) that are aimed at increasing
 competition in the remittance industry, providing broader
 access to payment system infrastructure, enhancing
 transparency, and ensuring a sound and predictable legal and
 regulatory framework. Several of the actions could set a
 basis for leveraging remittances to achieve other important
 public policy goals such as broadening financial access,
 expanding financial inclusion, and both strengthening and
 deepening the financial sector. The report was prepared
 through (a) background research (data research and mining,
 literature review, collection of relevant material and
 information, and background research), (b) a field visit in
 2009 (a team of experts visited India and conducted
 interviews and focus groups with all relevant stakeholders
 and major institutions active in the remittance market), and
 (c) surveys of both the authorities and the market players.