Migrant Remittance Flows : Findings from a Global Survey of Central Banks
Drawing 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 a...
| Main Authors: | , , |
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| Language: | English |
| Published: |
World Bank
2012
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| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20100407030431 http://hdl.handle.net/10986/2435 http://hdl.handle.net/10986/5929 |
| Summary: | Drawing 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. |
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