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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| Format: | Policy Research Working Paper |
| Language: | English |
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World Bank, Washington, DC
2012
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| 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 |
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okr-10986-85382021-04-23T14:02:43Z Sri Lanka's Migrant Labor Remittances : Enhancing the Quality and Outreach of the Rural Remittance Infrastructure Lasagabaster, Esperanza Maimbo, Samuel Munzele Hulugalle, Sriyani 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 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. 2012-06-20T18:03:05Z 2012-06-20T18:03:05Z 2005-12 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 English Policy Research Working Paper; No. 3789 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research South Asia Sri Lanka |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
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 |
| spellingShingle |
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 Lasagabaster, Esperanza Maimbo, Samuel Munzele Hulugalle, Sriyani Sri Lanka's Migrant Labor Remittances : Enhancing the Quality and Outreach of the Rural Remittance Infrastructure |
| geographic_facet |
South Asia Sri Lanka |
| relation |
Policy Research Working Paper; No. 3789 |
| description |
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. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Lasagabaster, Esperanza Maimbo, Samuel Munzele Hulugalle, Sriyani |
| author_facet |
Lasagabaster, Esperanza Maimbo, Samuel Munzele Hulugalle, Sriyani |
| author_sort |
Lasagabaster, Esperanza |
| title |
Sri Lanka's Migrant Labor Remittances : Enhancing the Quality and Outreach of the Rural Remittance Infrastructure |
| title_short |
Sri Lanka's Migrant Labor Remittances : Enhancing the Quality and Outreach of the Rural Remittance Infrastructure |
| title_full |
Sri Lanka's Migrant Labor Remittances : Enhancing the Quality and Outreach of the Rural Remittance Infrastructure |
| title_fullStr |
Sri Lanka's Migrant Labor Remittances : Enhancing the Quality and Outreach of the Rural Remittance Infrastructure |
| title_full_unstemmed |
Sri Lanka's Migrant Labor Remittances : Enhancing the Quality and Outreach of the Rural Remittance Infrastructure |
| title_sort |
sri lanka's migrant labor remittances : enhancing the quality and outreach of the rural remittance infrastructure |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
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 |
| _version_ |
1764408059871887360 |