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Wednesday, July 11, 2012

Migrant Remittance Flows. Findings from a Global Survey of Central Banks






Jacqueline Irving
Sanket Mohapatra
Dilip Ratha


Contents
Abstract ....................................................................................................................................... v
Foreword .................................................................................................................................. vii
Acknowledgments ................................................................................................................ viii
Acronyms and Abbreviations ................................................................................................ ix
1. Introduction and Main Findings ........................................................................................ 1
Policy Implications ............................................................................................................. 3
2. Findings from the Survey .................................................................................................... 5
Data Collection and Recording of Migrant Remittances ............................................... 5
Regulation and Supervision of Remittance Transfers .................................................. 11
Remittance Costs ............................................................................................................... 13
Policies to Improve Remittance Transfers ..................................................................... 16
3. Policy Implications ............................................................................................................. 21
References ................................................................................................................................. 24
Appendixes ............................................................................................................................... 25
Appendix 1. Survey Questionnaire: Focus on Remittance Inflows ............................ 26
Appendix 2. Survey Questionnaire: Focus On Remittance Outflows ........................ 49
Appendix 3. Geographical Distribution of Responses to Survey of Central Banks . 72

Tables
Table 2.1. Migrant Remittance Inflows Are Better Monitored than Outflows .................. 6
Table 2.2. Central Banks Are Starting to Record Transfers through New
Remittance Technologies and Channels ....................................................................... 10
Table 2.3. Many Remittance Services Providers (Particularly Newer Entrants)
Are Not Supervised ......................................................................................................... 11

Figures
Figure 2.1. Data and Information Collected from Household and/or Overseas
Migrant Surveys is the Top Cited Method for Estimating Remittance
Transfers through Informal Channels ............................................................................. 8
Figure 2.2. There Is a Large Discrepancy between Remittance Data Reported in
Surveys and Those Compiled from IMF Balance of Payments Statistics for
Some Countries .................................................................................................................. 9
Figure 2.3. High Cost was Cited as the Top Single Factor Inhibiting Use of
Formal Channels for Remittance Transfers .................................................................. 14
Figure 2.4. High Cost Was Strongly Cited as the Top Factor Inhibiting Use of
Formal Channels in Sub Saharan Africa ....................................................................... 14
Figure 2.5. Requiring MTOs to Partner with Banks to Receive Remittance
Inflows Is Associated with Perception of High Costs ................................................. 15
Figure 2.6. Compulsory Conversion of Remittance Inflows into Local Currency
Is Associated with Perception of High Costs ............................................................... 16
Figure 2.7. Better Statistics and Studies Were Top Cited Areas Needing
Attention for Improved Efficiency and Security of Transfers .................................... 17
Figure 8. Better Statistics and Studies on Migration Was Cited by Nearly 80
Percent of Sub Saharan African Respondents as Needing Attention for
Improved Efficiency and Delivery of Remittances ...................................................... 17

Boxes
Box 2.1. Data Collection Practices of Countries that are Both Remittance source
and Remittance receiving: Some Examples.................................................................... 7

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