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The International Remittances Agenda Dilip Ratha Development Prospects Group World Bank Migration and Development Conference World Bank, Washington May 24, 2007. Main messages. Remittances are the most tangible and least controversial link between migration and development

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The International Remittances AgendaDilip RathaDevelopment Prospects GroupWorld BankMigration and Development ConferenceWorld Bank, WashingtonMay 24, 2007

main messages
Main messages
  • Remittances are the most tangible and least controversial link between migration and development
  • Reducing remittance costs would benefit all retail payments
  • Remittances can be leveraged for financial access of households, and capital market access of financial intermediaries
  • There is urgent need for clarification of AML/CFT regulations
slide4

Remittances are large, have continued to increase

FDI

Private debt and portfolio equity

Recorded

Remittances

ODA

remittances flows outside lac continue to grow
Remittances flows outside LAC continue to grow

Year-on-year growth (%)

Philippines*

Bangladesh

Mexico

Note: Year-on-year growth rate (%) of 3-month moving average * from Middle East

intra year seasonality monthly remittances to mexico peak in may
Intra-year seasonality: Monthly remittances to Mexico peak in May

Monthly remittances, $ billion

Mother’s day

2006

2007

2005

2004

Source: Banxico

policy implications
Policy implications
  • Remittances are private flows
  • Fiscal incentives may create distortions
  • Not a substitute for official aid
policy implications1
Policy implications
  • Reduce remittance costs
  • Prudential banking regulations and AML/CFT regulations may need rebalancing
  • Leverage for financial access of households
  • Leverage for capital market access of intermediaries
policy implications2
Policy implications
  • Reduce remittance costs
  • Prudential banking regulations and AML/CFT regulations may need rebalancing
  • Leverage for financial access of households
  • Leverage for capital market access of intermediaries
policy implications3
Policy implications
  • Reduce remittance costs
  • Prudential banking regulations and AML/CFT regulations may need rebalancing
  • Leverage for financial access of households
  • Leverage for capital market access of intermediaries
latest data available at
Latest data available at

www.worldbank.org/prospects/migrationandremittances