Thread: Record-breaking amount of remittances received in Latin America and the Caribbean

From May 2015 for Archive.

News Releases

May 12, 2015

Record-breaking amount of remittances received in Latin America and the Caribbean


According to Remittances to Latin America and the Caribbean Set a New Record High in 2014, the increase reflects significant growth in remittance flows to Mexico (8 percent), Central America (7.4 percent) and the Caribbean (6.3 percent), linked to the recovery of the economy and labor market in the United States. However, there was a decrease of 1 percent to South America, partly due to the economic situation in Spain, which constitutes a major source of remittance flows to that subregion.

Since the 2008-2009 international financial crisis, and up until 2013, the total amount of remittances sent by migrants to their countries of origin had failed to match the levels of 2008, when they reached a record high of almost $65 billion.

"Remittances remain an important source of income for millions of families in Latin America and the Caribbean," said Fernando Jimenez-Ontiveros, Acting General Manager of the MIF. "The remittance sector has evolved by adopting new technologies and options for sending and receiving, and has seen a decline in fees. However, it is essential to continue working so that those who receive them have opportunities for savings and investment."

Mexico, which receives more than a third of all remittances sent to the region, continues to be the largest recipient, with $23.6 billion, followed by Guatemala with $5.5 billion, the Dominican Republic with $4.5 billion, El Salvador with $4.2 billion, and Colombia with $4 billion.

According to the MIF-IDB report, the recovery of remittances is projected to continue or even accelerate in 2015, given growth forecasts for the United States, Spain, and Latin America.

About the MIF

The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group, supports private sector-led development benefiting low-income populations and the poor—their businesses, their farms, and their households. The aim is to give them tools to boost their incomes: access to markets and the skills to compete in those markets, access to finance, and access to basic services, including green technology. A core MIF mission is to act as a development laboratory—experimenting, pioneering, and taking risks to build and support successful micro, small and medium business models.

http://www.iadb.org/en/news/news-rel...014,11158.html

REMITTANCE PRICES WORLDWIDE

MAKING MARKETS MORE TRANSPARENT

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Project Greenback 2.0 Remittances Champion Cities

Watch our video "Greenback 2.0 - Voices from Turin"

Project Greenback 2.0

Project Greenback 2.0 aims at increasing efficiency in the market for remittances through an innovative approach: promote change inspired by the real needs of the ultimate beneficiaries of international money transfers: the migrants and their families at home.

In Project Greenback 2.0, Remittance Champion Cities are selected. The World Bank work to implement initiatives aiming at increasing transparency and efficiency in the market for remittance services. The focus is on migrants and their needs. Cooperation between migrants, remittance service providers, and public authorities is key for the achievement of the Project’s objectives.


5x5 objective

With over $400 billion officially recorded flows to developing countries remittances are a critical source of national and families’ income. However, high transaction costs and other inefficiencies in the process often adversely impact migrant workers and their families.

Some of the key challenges in effective remittance services are users’ access to information and healthy competition amongst remittance providers at the sending as well as the receiving end.

The G8 and G20 have therefore set among their objectives the reduction of the average cost of remittances by 5 percentage points in 5 years (5x5 objective). Achieving the objective would save $16 million per year: these funds would simply remain to migrants and their families and could contribute significantly to improving the living conditions of the migrants themselves as well as reducing poverty in their countries of origin.

Through Remittance Prices Worldwide the World Bank monitors the achievement of this important objective. Project Greenback 2.0 aims at testing and proving at a local level the efficiency of the best practices promoted by the World Bank for the achievement of the 5x5 objective.

News from the Remittance Champion Cities

https://remittanceprices.worldbank.o...hampion-cities


Turin, Italy

Turin, Italy is the first Remittance Champion City. Here the World Bank is working in partnership with the City of Turin (i.e. the local government). The first findings from the project were presented in October 2013.

Objectives

• Make the market for remittance services in Turin more transparent, efficient, and oriented on the needs of the migrants
• Promote access of migrants to financial services for them to better contribute to the local economy

Actions

• Promote transparency
• Awareness
• Implementation of best practices
• Activation of dedicated services by remittance service providers
• Financial education

Montreuil, France

Montreuil, France is our second Remittance Champion City!
Located in the department of Seine-Saint-Denis, near Paris, Montreuil is the fifth largest city in Ile-de-France by number of inhabitants (102,770). With a rich history, reflected in its heritage, Montreuil is characterized by its social and urban diversity, but also by its dynamism and an evolution marked by large projects.
Montreuil’s international engagement is characterized by the city’s very active role for many years, in the context of the cultural diversity of its inhabitants and very active local associations. The partnership with Yelimane in Mali since 1985, in particular, benefited from the involvement of migrants in civil society, who had a key role in the development of projects in the field. The city is also very much involved in the development of a policy supporting local diaspora organizations and other organizations working to develop international solidarity.
For all these reasons, the issue of facilitating international remittances coincides with the city’s objective of promoting a better of Montreuil’s migrants’ resources, to the benefit of their origin countries


Yes, it does appear that International Bankers are hand in hand with complicit governments, including the US, and are behind the Migration scam.

Remittances to Latin America and the Caribbean Set a New Record High in 2014, the increase reflects significant growth in remittance flows to Mexico (8 percent), Central America (7.4 percent) and the Caribbean (6.3 percent), linked to the recovery of the economy and labor market in the United States.

Looks like the proof is in the pudding - our jobs are going to illegals and they are not spending the money they make in the USA economy.

Immigration both legal and illegal are sucking or economy dry as a bone. It must all stop and stop now.

We must demand a 10 to 20 Year Moratorium on All Immigration.