Sri Lanka's Migrant Labor Remittances : Enhancing the Quality and Outreach of the Rural Remittance Infrastructure

Sri Lanka's Migrant Labor Remittances : Enhancing the Quality and Outreach of the Rural Remittance Infrastructure

Remittances-money sent home by immigrant workers abroad-are hugely beneficial to Sri Lanka. Migrants' remittances have grown dramatically in recent years and are now estimated at US$1.5 billion annually. This national phenomenon is consistent with remittance trends in neighboring countries wher...

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Bibliographic Details
Main Authors: Lasagabaster, Esperanza, Maimbo, Samuel Munzele, Hulugalle, Sriyani
Format: Policy Research Working Paper
Language:English
Published: World Bank, Washington, DC 2012
Subjects:
ATM
AUTOMATED TELLER MACHINES
BALANCE OF PAYMENTS
BANK ACCOUNTS
BANK BRANCHES
BANKING SERVICES
BANKING SYSTEM
BORROWING
CENTRAL BANK
CENTRAL BANK OF SRI LANKA
CHECK IMAGING
CHECKING ACCOUNTS
CLEARING HOUSE
CLEARINGHOUSE
COMMERCIAL BANKS
COMMUNITIES
CONSUMER PROTECTION
CREDIT UNIONS
DEPOSITS
DEVELOPMENT BANKS
DURABLE GOODS
E-COMMERCE
ELECTRONICS
EMPLOYMENT
EXCHANGE RATES
FEDERAL RESERVE SYSTEM
FINANCIAL ASSETS
FINANCIAL AUTHORITIES
FINANCIAL INSTITUTIONS
FINANCIAL MANAGEMENT
FINANCIAL POLICIES
FINANCIAL SECTOR
FINANCIAL SERVICES
FOREIGN BANKS
FOREIGN EXCHANGE
GDP
GROSS DOMESTIC PRODUCT
HOUSING
HUMAN CAPITAL
INCOME
INFORMAL SECTOR
INFORMAL SECTORS
INNOVATIONS
INSURANCE
INTEREST RATES
INTERNATIONAL BANKS
LABOR MIGRATION
LEGISLATION
LIQUIDITY
LOW INTEREST RATE
MACROECONOMIC STABILITY
MARKET TRANSPARENCY
MEDIA
MICROFINANCE
MIDDLE EAST
MIGRANT
MIGRANT WORKER
MIGRANT WORKERS
MIGRANTS
MIGRATION
MIGRATION POLICIES
MINISTRY OF EDUCATION
NETWORKS
NONBANK FINANCIAL INSTITUTIONS
OUTSOURCING
PRIVATE BANKS
PRIVATE COMMERCIAL BANKS
PROFITABILITY
REMITTANCE
REMITTANCES
SAVINGS
SECURITIES
SOUTH ASIAN
SPECIALIZED BANKS
STATE BANKS
SUBSIDIARY
TRANSACTION COSTS
TRANSPARENCY
UNSKILLED WORKERS
Online Access:http://documents.worldbank.org/curated/en/2005/12/6460259/sri-lankas-migrant-labor-remittances-enhancing-quality-outreach-rural-remittance-infrastructure
http://hdl.handle.net/10986/8538
Description
Summary:Remittances-money sent home by immigrant workers abroad-are hugely beneficial to Sri Lanka. Migrants' remittances have grown dramatically in recent years and are now estimated at US$1.5 billion annually. This national phenomenon is consistent with remittance trends in neighboring countries where remittance flows are growing as rapidly. The trend is likely to continue as many workers continue to look abroad for the chance to make a better living. The economic policy implications of these trends are significant. The Sri Lankan Central Bank is now debating the following key issues: the developmental impact of remittances; the high transaction costs associated with remittances; and the level of transparency and accountability in the remittance industry, especially the informal remittance sector. This paper highlights the key policy issues associated with each of these aspects of remittances with the objective of improving the public and private infrastructure for current and future flows. Building on recent World Bank research on remittances that prominently features South Asia, it has been prepared in recognition of the development potential of these flows. It discusses some of the key issues relating to the remittance industry in Sri Lanka. This paper complements the existing literature on migrant labor remittances to Sri Lanka and extends that literature by providing specific policy-relevant guidance on short and long-term policies for enhance enhancing the quality and outreach of rural remittance infrastructure.

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