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...

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Main Authors:	Irving, Jacqueline, Mohapatra, Sanket, Ratha, Dilip
Format:	Publication
Language:	English
Published:	World Bank 2012
Subjects:	CROSS-BORDER REMITTANCE FLOWS DATA COLLECTION EXCLUSIVITY CONTRACTS NEW TECHNOLOGIES POLICY REFORMS TRANSFER ACTIVITIES TRANSFER COSTS
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

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recordtype	oai_dc
spelling	okr-10986-59292021-04-23T14:02:24Z Migrant Remittance Flows : Findings from a Global Survey of Central Banks Irving, Jacqueline Mohapatra, Sanket Ratha, Dilip CROSS-BORDER REMITTANCE FLOWS DATA COLLECTION EXCLUSIVITY CONTRACTS NEW TECHNOLOGIES POLICY REFORMS TRANSFER ACTIVITIES TRANSFER COSTS 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. 2012-03-19T09:33:30Z 2012-04-04T07:43:55Z 2012-03-19T09:33:30Z 2012-04-04T07:43:55Z 2010-04-01 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 978-0-8213-8360-5 http://hdl.handle.net/10986/2435 http://hdl.handle.net/10986/5929 English World Bank Working Paper ; No. 194 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank Publications & Research :: Publication Publications & Research :: Publication
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	CROSS-BORDER REMITTANCE FLOWS DATA COLLECTION EXCLUSIVITY CONTRACTS NEW TECHNOLOGIES POLICY REFORMS TRANSFER ACTIVITIES TRANSFER COSTS
spellingShingle	CROSS-BORDER REMITTANCE FLOWS DATA COLLECTION EXCLUSIVITY CONTRACTS NEW TECHNOLOGIES POLICY REFORMS TRANSFER ACTIVITIES TRANSFER COSTS Irving, Jacqueline Mohapatra, Sanket Ratha, Dilip Migrant Remittance Flows : Findings from a Global Survey of Central Banks
relation	World Bank Working Paper ; No. 194
description	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.
format	Publications & Research :: Publication
author	Irving, Jacqueline Mohapatra, Sanket Ratha, Dilip
author_facet	Irving, Jacqueline Mohapatra, Sanket Ratha, Dilip
author_sort	Irving, Jacqueline
title	Migrant Remittance Flows : Findings from a Global Survey of Central Banks
title_short	Migrant Remittance Flows : Findings from a Global Survey of Central Banks
title_full	Migrant Remittance Flows : Findings from a Global Survey of Central Banks
title_fullStr	Migrant Remittance Flows : Findings from a Global Survey of Central Banks
title_full_unstemmed	Migrant Remittance Flows : Findings from a Global Survey of Central Banks
title_sort	migrant remittance flows : findings from a global survey of central banks
publisher	World Bank
publishDate	2012
url	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
_version_	1764396811681792000

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

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